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Both these lights came on yesterday on the drive home (45 miles) I normally drive with the TRAC OFF but, ever since the check engine light came on, I can't switch from Off to On.
Most probably it´s your 02 sensor. Try to disconnect the battery and after a few seconds connect it again. That would solve the problem ´til next time it shows up.
Mine goes on after rainy days or long trips. It´s not an expensive part btw.
traction control works in combo of your abs and by reducing engine power from reducing the amount of air your throttle body allows into the intake.
since you dont have an abs light on aswell, i would assume its something to do with the IAC or something in the area.. who knows.. see what codes you pull..
Mine just went off today-CEL with flashing Trac light. This has happened to me before and it was indeed a sensor. I can't remember if it was mass air flow or an O2 sensor now, it was a couple years ago. I'll go see if I can dig up my bill from the garage.