Flashing Red Light flys at lightning speeds!

It was about 9:00PM, a friend and I were standing on the porch outside of our cottage smoking a cigarette. We were on the side of a large valley looking across it at the stars where we noticed a red flashing light. I know from standing there several nights that it wasn't a tower. So we watched it and after about 5 minutes the objected appeared to raise several feet straight up and stopped. Then afer about another 5-10 minutes it raised higher but veried to the right and stopped. Then about 5 or so minutes later it litterly shoot across the valley directly over top of us and was gone. I have never in my life seen anything move that fast. Also, when in moved the light stopped blinking and the was not a sound.
Date is approximate.  PD