I think you might be referring to KOLOBOS
. I found a used VHS copy of it for a buck at a video store going-out-of-business sale:
This movie is CRAZY bad and definitely deserves to be reviewed on this site. It is one of the most brilliant and deviously deceptive uses of cover art ever, as there are neither hot chicks with glowing eyes nor any kind of beast-things in the movie whatsoever. Trickery!!
I hope this is what you are looking for. My copy has an almost holographic-type of look to it, and the VHS itself is bright red.