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This event is an yearly festival of hot air balloons that takes place in Albuquerque, New Mexico, during early October. The Balloon Fiesta is a nine-day event, and has over 500 balloons each year. It's the largest hot air balloon festival in the world.
This festival consists in different events, but the most important part is when over 500 balloons are launched togheter: there are normal balloons and special shaped balloons. The sky becomes full of this colored dots and lots of artists go there every year to capture the unique event

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Around July 4, 1947, a UFO (unidentified flying object) allegedly crashed near Roswell, a farming and ranching community in southeastern New Mexico. According to some reports, the bodies of four aliens were found at a site around 30 miles from Roswell.
It isn't sure that's the truth, but a lot of conspiracy theories were formulated.
The town of Roswell celebrates its reputation as the UFO capital of the United States with a week-long festival in early July, which has been officially designated as "Alien Month." Activities include a UFO parade, an alien puppet show, concerts, and special exhibits.

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The presence of the different etnic groups is very strong, so that's celebrated with some events like:

Santa Fe Indian Market

Santa Fe Spanish Market

Gathering of Nations Pow Wow (Albuquerque)

Santa Fe International Folk Art Market

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As already said in the padlet "Food", most of traditional New Mexican food is famous to be spicy and the state has the official question "red or green?", referring to the chile, typical of New Mexico. So there are some festivals to celebrate the traditional New Mexican cuisine:

Hatch Chile Festival

Whole Enchilada Fiesta