WTF Is This Red Thing? Filmed London 4am 22-06-2013

LOOOK AT THIS-JUST FOUND IT 16.00HRS 22-06-2013­ry/2003/0520newstar_prt.htm?ref=nf
I've looked at this video so many times,i cannot for the sake of me work out what the hell it is, any ideas? Please let me know, sensible comments please..thanks

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