A flashing red and white light making irratic movements and hovering at length before disappearing.We had heard reports from a friend that two nights before, around 3 AM, there were as many as 12 lights in the sky over Banderas Bay in Puerto Vallarta, Mexico. Apparently, they were making all sorts of strange rapid and sporadic movements in the sky - most were blinking. On May 17th, we had returned from dinner and were outside swimming in the pool looking at the stars when I noticed a strange light that was very high up, moving side to side. The airport is closed to air traffic at that time, and there were no other planes or moving lights in the sky, so we watched it carefully. It blinked white and red from what we could make out and it would zig zag slightly from side to side. There was no pattern to the pulsating and there was no pattern to the movement. We did notice what we thought was a falling star near to it during the course of watching it. For a long time it was stationary, just hanging in the sky, except for the slight back and forth movements. After about 30 minutes, it started moving away - Northwest and it grew dimmer as it got farther into the distance going toward Punta Mita. We could still faintly see it, but then it just vanished - totally gone. The next night, we noticed it was back again around the same time - doing the same sort of things, but we only observed it for about 10 minutes before it started moving away and then disappeared. Apparently, there are always sightings in Puerto Vallarta, we were told by locals that those lights have been coming around for years, making strange patterns in the sky. No one has come up with an explanation for it though.