Strange Light behaves erratically then suddenly vanishes

(This story is re-posted about 10 minutes after the original, I wished to remain anonymous out of fear of, well anything really, but if NUFORC wishes to contact me, I dont see why not.)  
I arrived at my construction job site at around 06:45.  I dropped off my tools and opened the garage doors to get ready for the day.  Since I had a few moments, I stepped outside to feel the morning air, I noticed a fairly bright "Star" to the West of the warehouse where I stood.
The "Star" was larger than the average star on this early morning, it had a reddish orange hue, and flickered every so slightly.  I assumed that it was Mars, just peeking out over the rooftops.
I downloaded the Skymaps app last week, so I open the app expecting the object to be Mars. However, nothing celestial was in that vicinity, especially not something that bright.
My second logical assumption was that it was an aircraft, or perhaps a satellite; however unusual, since the light was as bright as Mars typically is. I watched the object and was able to realize that it was in fact moving. However, it was behaving erratically. Up up up, to the right, wobble, up up up, to the right, wobble; ever so slightly.
Perhaps it was a helicopter with a spotlight?  Then my periphery, an easily identifiable airplane was also crossing the sky. Two blinking lights, white and red. Traveling toward the general area that the mysterious object occupied.
I went back to watching the strange light, only for a few seconds more; in an instant it vanished. As the light suddenly cut out, in the exact same spot; a barely visible red light zipped to the right, much more horizontal than vertical. The speed in which this tiny red light moved was frightening at first glance, it reminded me of how one sees a meteorite zipping across the atmosphere before burning out. It moved so quickly and was so faint that I lost sight of it.
Its hard to estimate the exact distance and direction of the object, but if I was to get as close as I could;  From the horizon it was approximately 20 degrees vertical.  On a 360 Degree compass, it was approximately 15 degrees clockwise of due West.  I can't give an accurate estimation of distance seeing as it was only a light, but if I was to guess based on gut feeling, I would bet about 15 to 20 miles or so as the bird flies