Just experienced a very troubling problem with 2000 XLT - Auto , Air, Power Steer, wdws etc. 3.0 2wd.

Minding my own business, the ABS light came on solid and the OD light started blinking on & off. The brakes were spongy for a few minutes then firmed up. The transmission started slamming gears @ shift intervals, and downshifted very noticably. After turning off the engine, upon restart all was well for a few minutes and then CEL came on, ABS returned, but no tranny problem.

Seems every time I start the vehicle now, we have a different issue. CEL is now constantly on. Today the transmission seemeed to free wheel and the Speedo went to zero. Then the tranny caught and all seemed normal execpt CEL and ABS were still "on".

Any ideas what's going on?