I was driving westbound on Peoria Ave between 55th & 59th Avenues and saw a strange fireball heading upward from the earth at an approximate angle of 65 degrees SW of my location. Noticed it because it was a non-blind yet quite bright light source that is usually not on the horizon - and because it was moving.I was in complete awe and pointed it out to Lorry, who was driving the car, saying, "What the F*** is that?" Her first theory was "fireworks", until the fireball gracefully changed course from what appeared to be a 45 degree upward direction parallel to the earth to about 85 degrees upward/parallel for approximately 10 seconds, then back to its original course of approximately 45 degrees upward/parallel .At this time we stopped at the light at the intersection of 59th & Peoria Avenues and heard the men two cars over from us also discussing the fireball, laced with similar explicits. I was still in awe, my mouth hanging open and goosebumps all over my body. As Lorry fumbled with her cellular telephone to try to get a video, the object fizzled out - got only suddenly, but very gracefully, approximately 30 seconds into its revised course - and turned into a blinking light-bluish "pixel" in the sky. The blinking "pixel" was visible for about another 10 seconds before it disappeared into the great dark abyss of the night sky without changing course or speed.This was truly one of the most amazing things I have ever witnessed. I've seen the strange blinking lights and lines of light that most consider UFOs in the skies of southwestern Arizona, where I grew up, as well as the fire-like missile launches from Vandenburg AFB, but I've never seen a fireball with such accurate grace turn into a blinking "pixel" and then just disappear.