While admiring the milky way, a star like light was flashing red and blue lights as an aircraft would, but the size of a star. The light source was white between the flashing colors and remained stationary throughout the two hour intermittent observation. I thought my eyes were playing tricks so I went outside several times, once with binoculars and it remained the same. The light stayed about 20 degrees above the horizon, due west from my location. The weather was clear with no high clouds nor airplanes apparent as their navigation lights are often seen overhead. Atmospheric heat waves sometimes affect star flickering but this was very pronounced flashing red, blue and white colors. After a busy day I gave up observing the light and went to bed. My son thought I should report the unusual observation.