check engine light

If the check engine light is flashing, you are experiencing a misfire, and you need to have it looked at very soon, failure to do so may result in damage to the catalytic converter. See this article about check engine lights, and what to do: http://repairpal.com/check-engine-light

This just happened to my 96 Cougar as well. Check your oil level. If you are braking or cornering, the oil level in your car will shift forward or sideways and it will temporarily read as being "out" of oil. The oil pressure gauge will quickly drop to zero and then back up to the middle line again, and the Check Engine light will flash. Adding oil to the car will stop this from happening. I had a small oil leak and had just about run out of oil; I was three and a half quarts low and had no idea because the pressure gauge still read fine.