I agree that if it wasn't moving like a meteor, it was probably light reflecting temporarily off a satellite, but I'm not too familiar with the subject.
However, it couldn't be a satellite catching fire from impact with debris because any kind of flame requires oxygen, and I assume that satellites are outside of the atmosphere. It probably isn't a supernova either, because (according to Wikipedia) "[N]o supernova has been observed in the Milky Way since 1604" and stars take several days or weeks to progress from one phase of life to another through a supernova. Just to throw another theory out there, could have just as well been Cthulu eyeballing you through a cosmic rift.