ETS light comes on and off

I know this is a very old post but to anyone reading this now, I had a similar issue with my 2000 V70XC. The flashing up arrow, check engine light, and abs light came on and both my speedometer and odometer needles dropped. I replaced the ABS module twice which can be quite spendy...unfortunately this did not fix my problem. Then, in addition, my ETS light came on as well and my car would not accelerate over a certain amount. I would HIGHLY recommend having your mechanic check out both your fuse box connections and wire harnesses as this ended up being the problem for me. For whatever reason no mechanic ever thought to look into these as cause. Good luck!!

Just to add to it. Volvo Darin is right, but the extended warranty period was for 10 years or 200,000 miles. It depends on your warranty start date. Being a 1999 it could or could not be covered.
Don't wait any longer, because there is NO help or extension of this warranty after 10 years.

Monday, Monday, Monday...

There are two problems here. First you need and abs control unit. They are very expensive and it is possible to rebuild them. A couple of places to call: ATE, Auto Truck Electronics, they are in Florida, and BBA Remanufacturing near Boston, MA. I have used both companies and they charge much less to rebuild them than it costs to purchase a new one. That should take care of the speedometer, brake light, and ABS light. As for the check engine, that could be anything and the car will need to be scanned. ETS light can be remedied by a trip to the dealer. There is a campaign to install new software to the Electronic Throttle Controller. This is no charge to the customer and I believe the car has to be under 200,000 miles.