One "starlike" light observed making rapid turns, accelerating and decelerating.

I am ((xx)) years old now.  I am a licensed private pilot.  I am a ((title deleted--public employee)) for the ((public agency deleted)) and have been with the ((deleted)) for ((xx--several decades))  years.  I have lived in the same area all my life.  I have served as ((second public role))  for ((xx)) years.
 I am not saying this is a UFO in the normal sense of the word.  We never saw an object, just the single light.  I would just like to know what it was we saw.  I have told this story to many people and have never gotten any satisfaction.
  During the summer of 1969 or 1970 when I was about 15 years old we (about 5 friends) were camping out in a rural area in West-Central Ohio at a friend’s house.  We were preparing to sleep under the stars at his farmhouse.  
At about 11:00 PM, we were all laying on our backs looking at stars under a clear moonless night.   One of my friends pointed out a bright "starlike" light at about the zenith.  It was about the brightness of a zero magnitude star.  It was a single steady white light.  There was no apparent sound.  The light appeared to be a great distance away.  
As we watched it, the light moved around the central part of the sky in a random path.  It sped up and slowed down.  It made abrupt turns at about 90 deg.  It moved around an area of sky about 10 degrees.  We watched it for a few minutes.  
My friend ran into his house to bring out his telescope which was a department store 2 or 3 inch refractor.  Once he got the scope out and set up we lost the object in the sky.  We watched it for about 5 minutes total time.  Its brightness did not change.  Its movements were erratic and unlike an aircraft would make.  The turns were sharp, not like an aircraft.
Source of report indicates that the date of the sighting is approximate.  PD