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Your VSS (Vehicle Speed Sensor) on the rear diff is out. If you look on the top of the rear diff, there is a sensor with a electrical connection to it. Get a new one from Ford - about $25.00. It takes a 10mm, I think, socket and a screwdriver to pry it out. 10 minute fix.
Welcome to the Forum...You might try Napa. They are cheaper. P/N 530780 for $10.49. Fixed my problems with the flashing OD light and Speedo..(they called it a ABS Sensor). Top of rear-in and easy to replace.
If your VSS is in the Diff (like mine), and not part of the ABS, then you might have carrier bearings going bad, and metal fuzz is being attracted to the magnetic VSS and screwing up the signal. This is what happened to me, and I had similar symptoms.
The ABS light came on in my truck it turned out to be the front hub, both times. You might want to check them and make sure they are not going out. The second time the wheel hub went out on the highway. So now the good side is both of them are new. Some have said the flashing OD light is something going out in the trans, but when my trans went south there was no flashing light I saw. Might want to check the comuter for some codes from the trans.
The ABS light came on in my truck it turned out to be the front hub, both times. You might want to check them and make sure they are not going out. The second time the wheel hub went out on the highway. So now the good side is both of them are new. Some have said the flashing OD light is something going out in the trans, but when my trans went south there was no flashing light I saw. Might want to check the comuter for some codes from the trans.
I didn't think 99's could be had with ABS in the front. Mine is only rear ABS