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Obviously, whatever is wrong is affecting the performance of the transmission, or the O/D light wouldn't be flashing. The first thing I would check would be the VSS, and afterwards have the antilock module diagnosed at a dealer.
I went to the steeler and bought a senser that goes in the tail of the trans cost me $30.00 on my way home I noticed the truck was kinda dirty so I ran it trough the automatic car wash and my abs light went out and every thing is normal so I dont dare to replace the senser hoping to take it back any ideas what this trucks deal is ???????????????