No one knows WHO owns this baby! The USAF, USN, NORAD, don't claim it as one of their own.
Should we be glad of this or worry over it?
Just be glad that the missile didn't travel EASTWARDS toward California and the rest of the United States. It headed out towards the Pacific, maybe to the Pacific Missile Range Facility; if it was ours.
There was video shot by a KCBS tv news helicopter crew of the missile launch and its resulting contrail.
The most likely source of this mystery missile is a test firing of a missile from a US Navy missile submarine. Failing that, maybe a missile went 'haywired' in the tube and it had to be launched to prevent the sub from being destroyed (as likely a theory as anything else).
Another theory could be a foreign power showing off a little muscle as a warning to the USA to stop printing worthless dollar bills to buy ourselves out of a recession.
ET on the other hand uses gravitic drives (supposely), so in this case, I cannot put the blaim on aliens and UFOs from other worlds!
There are some stuff about a NOTAM (Notice to Airmen) that Information Dissemination has put out, but they admit that the time stamps are wrong for the time of the missile launch.
UPDATE 1 (November 10, 2010): Well, the experts at Jane's Defence Weekly have spoken on the matter now. See the original article here (http://amerpundit.com/2010/11/10/janes-editor-yeah-that-was-a-missile/).
Ref. "Pentagon Can't Explain "Missile" off California" November 9, 2010. by CBS/AP News. (http://www.cbsnews.com/stories/2010/11/09/national/main7037857.shtml?tag=topnews). There is a video attached to the original news article if you want to watch it.
Information Dissemination (http://www.informationdissemination.net/2010/11/rogue-notam.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+InformationDissemination+(Information+Dissemination)).
Image off of Drudge Report.