Probably one of the best quality videos I have seen. What could it be? The ring of smoke they are talking about perhaps?
http://www.cnn.com/video/#/video/us/2009/06/16/dnt.va.ufo.sighting.wavy
http://www.cnn.com/video/#/video/us/2009/06/16/dnt.va.ufo.sighting.wavy