I Am a Thinker

Just wondering....If you are standing on the planet Earth and you look at the Moon, you would probably say something like, "Wow, look at that beautiful Moon UP there."
Now, let's say you were standing on the Moon and you were looking at the Earth. You might also say, "Wow, look at that beautiful Earth UP there.
Which one would be correct? They can't both be UP there can they?
Opinions please.