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It is called atmospheric scintillation, it is usually quite pronounced on brighter objects, especially when there is a lot of upper atmoshere wind. It always produces a rash of UFO calls, as a professional rescue operator for some 28 years we were always getting calls about strange flashing lights in the sky, it usually turned out to be Venus, Sirius (one of the most popular), the Army firing parachute flares, aircraft approaching Sydney from the east with their landing lights on at about 50 NM (Standard early morning UFO) etc, you get the picture.
JohnG
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