This occurred at about 9:20 p.M. on thanksgiving night at the bottom of the grand canyon. my wife and i were walking south on the trail from the phantom ranch lodge to the bright angel campground. i saw a very bright light hovering in the southern sky above the rim of the inner canyon that attracted my attention. i don't know why, but something about the light seemed odd, and after a few seconds i asked my wife if she saw it. she said she had been watching it and thought it was a plane. suddenly it dropped straight down below the rim of the canyon and we could see it in front of the canyon walls. when it dropped, it descended very quickly and the light ended up about as far below the rim as it had been above the rim when i first saw it. i asked my wife if she saw what i had just seen, and she said yes. we stopped walking and watched. the light hovered a few seconds, then it moved slowly, horizontally to the west, and then it began slowly going up and down and in loops. then another bright light appeared in the sky above the inner canyon, more to the southeast. i saw it blink 4 times and go out. a few seconds later, it blinked two more times and went out. it appeared to be moving toward the first light. after the second light went out for the last time, the first light drifted slowly up and then disappeared into the sky above the rim of the inner canyon. my wife said she had seen the blinking light earlier, right before i asked her if she saw the one i was looking at. i have been in this area more than a dozen times in the past, and i have seen lights from hikers on the kaibab trail and the rim trail at night, but i knew that could not explain what we saw because both lights were in the sky above the rim at times, and they were moving much too far and fast for a hiker.