See Comet 17p/Holmes

Comet 17P/Holmes exploded on 23-24 October and its brightness increased several times. Its magnitude changed from 17 to 2.5 in just few hours. Now it is a naked eye object. It's size has become even larger than that of the sun. It can be seen in the constellation Perseus near the star Mirfak.

Just look at the north eastern sky after the evening. It is not very hard to find Perseus and Mirfak is the brightest star in the constellation. Just beside it you will find a hazy thing which is the comet. (It is easier to see if you don't look at it directly but a little sideways).
On November 19, the comet will appear to 'swallow' Mirfak as it glides in front of Mirfak.

With my 2.5 inch telescope it looks like a fuzzy ball. No tail is visible as the tail is directly behind it. Comet's tail is always directed opposite to the sun. And as Holmes rises in the east when sun sets in the west we can see only its head.

Visit http://spaceweather.com for latest news. And Wikipedia is always there for more information on Comet 17P/Holmes.

Here are some images of the comet outburst: http://cometography.com/pcomets/017p.html

There is also prominent red Mars Visible in the constellation Gemini situated at the lower left corner on Orion's head.