Noticed a light at 4:15PM in the distance about 20-25 degrees above the Horizon to my SW., above but way to the west of the Mukilteo Ferry Landing, seemingly well out over the Olympic Peninsula. Light was very bright, large (3x or 4x larger than Jupiter on a clear night) pulsating and changing colors from white, to orange, bright red, and blue/green. Seemed to be stationary for 10 minutes then slowly appeared to move and descend off to the NW, briefly sinking from view behind the mast of the USS Nimitz, reappearing low on the north side of the ship's island then reversing direction to reappear on the south side of the island where it disappeared below the the Olympic Mountains about 2 minutes later. At first I wrote this off as Venus or Jupiter being magnified by the atmospheric conditions but the light was not there on the 31st. or tonight.