When I let the dogs out I look at the jets going into Midway Airport MDW to land. I was at the corner of Highway Ave. and Highway Ave. in Highland Indiana. While I was looking in the sky at the stars one of the stars started to blink randomly but fast like a flutter! The star had caught my eye because it almost looked like the moon when it is only a quarter lit. The side of the object that had light was facing the west. It slowly started to move and I started following it. It Almost seemed like it was spinning really fast and only half of the object was reflective so it would blink. It ended up going dircectly over a jet going into MDW airport in Chicago. I don't know how high it was compared to the jet but from what I could see I would say it was abuot as high as a normal passenger jet goes up. The jet was coming from the east going west. The object was going north coming from the south. As it got closer it started blinking slower and slower and like I said it looked like it was spinning and only half of the object was reflecting light so when it got to the half that did not reflect light it disappeared! There was absolutely no sound what so ever! It had no other lights on it other then the one and the object itself was not viewable almost like it was invisable or it was black so it blended with the black sky. The closer it got to me the closer the light blinked but the longer it stayed lit. When it got directly over me it completely dissapeared and I never saw it again. It was directly over me when it dissapeared and it was like the snap of your fingers there one second gone the next? Put it this way I have seen some stuff in the sky that I could not identify over my lifetime but the second I saw this I knew I had to report it just in case someone else around me saw it! Whatever it was it was really cool! I would say the speed of the blinking at first was 2 a second and then it would slow down to once a second then back up to 2 a second. Then it really started to slow down to once every 3 seconds but it stayed lit for 3 and would stay lit for like 2 seconds. When it got really close to being directly over my head that is when it really slowed down until it completely dissapeared! It was like nothing I have ever seen before and I have a little hobby where I check to see when the satelites, space station, and in past the space shuttle are going to be visible over my neighborhood so I can normally Identify most things in the sky at night and day.