Volvo Repair: volvo c70 warning lights, c70 convertable, volvo c70

Question
I have a Volvo C70 Convertable year 2000. On regular but intermittant occasions the ABS Light comes on with the Brake warning light together and sometimes the Traction control light. Then a few seconds later the speedo cuts out. Also the Flashing Arrow comes on also periodically and then disappears just as randomly. When all these lights are on the car shifts to 3 gear. Please could you give your opinion on this. Thanks.  

Answer
 Pat, first thing I would do is check the brake fluid level and condition. That could be your ABS light problem. The arrow and the downshifting are a transmission or traction control problem. Have the vehicle scanned and see if that sheds any light on the situation?

Mark