If you only want to kill the tween, this is as simple as possible.
TweenLite.killTweensOf(myRedText);//will kill all tweens of myRedText
Try this if you want it be more simple in just on line.
TweenMax.to( myRedText, 1, {alpha:0, repeat:-1, yoyo:true} );
Explain:
repeat=-1
means repeat forever.
yoyo=true
means do Red's alpha from 1-0 and 0-1
So the whole is Red's alpha from 1-0-1-0-1...