At 5:45 this a.m. (3/12/09) I walked out on my deck which overlooks the Hoodcanal. I saw a bright star like object about 20 degress up from the North Western horizon. As I watched it, it pulsated about every 5-10 seconds with a bright green, back to yellowish white star shape, another 5-10 seconds with a bright red pulse, back to yellowish white star shape, 5-10 seconds with a bright white pulse, then back to its original color. Thinking possible plane (as many plans fly over that area) I continued to watch it. It did not behave like a plane. I expected it to diminish in size if it was flying away from me, or get larger if it was flying towards me. It did neither, instead it moved slowly from left to right. I estimated the object to be 5-10 miles from my location. From my porch it travled the length of a yard stick in one hour. If estrapulated to say 10 miles I don't know how far that is. However, it was moving very slowly towards the right. About every 15 minutes it would do a quick strobe like effect with red, green and white.. It performed quite a light show. I found it very unusual as the pulses were very bright. At that distance of course there was no noise, however I did see two planes fly fast toward the opject I could not tell what kind of planes flew towards it but they were the ones I see at night occassionaly with the extreemly bright strobe lights which go off and you don't see anything for about ten seconds and then a very strong white strobe lights again. They appeared to circle the object I was watching as they appeared in a circle about 5 in from the object from where I was. When the sun came up at about 7:10 this a.m. I saw a very thick fog bank from the horizon up to the same hight as the object. I estimated the fog bank about 20 miles from my porch, which means the object was inside the fog bank from 5-10 miles from my porch. I have no Idea what it was and was wondering if anyone else in my area reported the objecj. Slower than any plane, definitely not a star, and not a satelite. I am an avid star gazzer and have seen a ufo at another time. I belive something is out there I just don't know what. I felt at the time that I had just witnessed something very unusual. the last time I saw the object was at about 6:50 when it continued moving toward the right out of my visual range because of trees.