Strange light seen on horizon and followed using atronomical telescopeI was situated in a small community north of St. John's, Newfoundland at a favoured "dark site" for astronomical viewing. The site at an elevation of approximately 350' was close to the ocean which was directly to the east. 2 Fishing vessels were observed on the ocean earlier in the evening but had moved from the area. The area is within 3nm of an airport and also a transatlantic route for aircraft. Equipped with a 5" wide field refractor I was joined by 2 friends at 10:00EST and spent an hour touring the totally clear skies looking at different star and galaxy formations. We were also observant of numerous "high flyers" (aircraft), satellites and the occasional "shooting star". At 11:00, one of my friends spotted an elliptical light toward the ocean and brought our attention to it. It moved very slowly from North to South, then at the same slow speed and direction descended. It ascended and headed directly due east until it completely faded from view. While transitting from North to South, it was observed through the telescope which revealed an elliptical source of light at the "front" and a blinking light towards the back. First thought: aircraft, possibly helicopter. Not likely. Myself and one of the other people present are experienced observers, also involved in the aviation industry and knowledgable of aircraft activities in the area. Observed numerous aircraft that night, including trainers. Altitude and flight direction/pattern were not that of normal commercial aircraft operations or trainers. No other military presence in this area either. Simply could not classify what we were looking at.