Were Colorado UFOs Simply Road Flares Tied to Balloons?

Ever since three red lights in a triangular formation were seen and videotaped over Lafayette, Colo., there's been a flurry of online sparring between skeptics and ufologists over what was in the sky on the evening of March 20.

First the background: A formation of three red lights was observed over Colorado. They were caught on video by Lafayette resident Leroy Vandervegt after his son Nick spotted them in the sky.

The lights were described as continuous, unblinking, hovering silently in the air and moving together in the same triangular pattern until they faded away.

Vandervegt never suggested the lights were aliens visiting his neighborhood.

So, what could most likely explain the Colorado lights?