Something's going on! It's either:
1) A Russian missile blowing up. Initially the Russians denied this but then retracted and made a statement admitting it. Plus, if you look at how missiles go wrong this is too perfect a shape. Could be right, but it "feels wrong" as it's too pat and perfect an answer.
2) An impressive holographic projection hoax (in which case why would the Russian government admit culpibility of a missile?)
3) Something to do with HARRP. But I don't know enough about the system to really extrapolate on this.
4) A mini Black hole (possibly created by CERN).
5) Alien/Future invasion through a "wormhole".
I don't believe the bollocks about a Russian missile blowing up, it's all misdirection. So I'm going to plum for #5 until it's conclusivey proved otherwise. I'd like a search over the area to look for rocket debris or physical evidence.
"Wake up" - Rage Against the Machine