A decorative flashing light system designed to float in ponds, pools and swimming pools that is independent of wiring harnesses and external power supplies. The system consists of a buoyant, translucent shell 16 that encloses a light array circuit assembly 20, and a battery(s) 24, which is kept in place by a waterproof reseal-able cap 28. The flash pattern of the light sources as well as the intensity, frequency, duration and duty cycles are all pre-programmed into the electronic circuitry 10. An anchoring tether 30 allows the display to be held in position rather than free-floating if desired.