Astroquizzical: What Could Be Low In The Sky And Flashing Many Colors?

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I live on the east coast of the US (NJ). I noticed in August about 10pm looking ESE a star that was pulsing bright colors. It looked like an LED toy light flashing red, green, blue, red, white and yellow in very rapid succession. It was low in the sky and it is there every night I look. Please explain.

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