dreaded trans program and flashing check engine light

well guys it happened again. driving to and from my gf's house i got abuncha flashing check engine lights and then BOOM! trans error program.

I noticed the little window on the dash wasnt showing which gear i was in. Does this awlays happen when the trans error program hits? I was thinking maybe the seletor switch is crappin out? Would the check engine lights have anything to do with it? The car didnt hesitate opr run rough at all but its weird. Luckily the place I got it from has one of those aftermarket warranties so this one is a freebie. I have noticed when the car is im limp mode this thing is a dog under 30mph.

Yes, clean the selector switch.

where is it located?

http://www.nmia.com/~dgnrg/page_13.htm

thanks much. what do u think about the check engine light?

The check engine light comes on because the trans module does not know what gear has been selected.
You can also do a stomp test.
See my website below.

Here is another link to clean the switch
http://mysite.verizon.net/vzerdcib/e34a/id4.html

do all E34 autos basically use the same parts but the modules and the model of tranny varies?