I saw these lights last night at around 9 PM from my house in Hanover NJ. In my opinion, it's not very likely that what I saw were flares attached to balloons considering the wind (i can only estimate but id say probably 15-20 mph) and their stable configuration. The video i saw on the news is definitely legit - it was three red lights forming a triangle along side two additional lights, all of which were fading in and out. It was a really bizzare sight, never seen anything like it. Be interested to hear from anyone else who saw this from what i hear there were reports across north jersey as well as some in NY.