With the object selected press ‘Get > Material > Blinn’ .
This will pop-up the Blinn shading panel for your sphere.
Go ahead and play around with the different sliders.
You have the Illumination, the Transparency/reflection and the indirect Illumination tab.
To see the results of your specular settings you might want to draw a render region.
Pres ‘q’ and just draw a square around the sphere, you will see it starts rendering.
You can increase the AntiAliasing at the top right corner of your render region.
I suggest you play around with the 8 different basic shading materials.