Brilliant blue pinpoint of light fading in and out

My wife and I were walking outside to get in our cars, when my wife called my name and asked me if I saw a light in the sky.  
I walked closer to her and within seconds spotted a pinpoint of very bright blue light which lasted for about two seconds then faded out.  
Maybe ten or fifteen seconds later it appeared again.  This object was maybe 30 degrees up. 
I have no idea of the size as it only appeared as a pinpoint.  
The object repeated this cycle of fading in and out over the span of a few minutes, during the whole span of time it covered maybe a palms width of sky at arms length.  
There was no sound and the gap between flashes seemed random at about ten to thirty seconds.  
What struck me was the intensity of the light.  It was a deep sapphire blue and it was so bright it almost glistened - like the visual effect you see when looking at a laser.