Strange issue this morning

I set out with my 94 Roadmaster sedan this morning, got half way down my street and the car felt like it lost first gear, engine would idle up though it was doing so roughly and the check engine light came on as did the change oil light, stopped at the stop sign(like people should) and it limped away like the trans was slipping but once up to the speed where it shifts into secound it ran better though not like normal, was just going a short distance. Once at my destination I checked the trans fluid level, the fluid was almost clear, not bright red but a washed out pink, it smelled normal, it was still cold so it wasn't at the full when hot mark yet. turned off the engine and it's oil was fine. ten mins later when done my errand I got in and fired it up , it was running fine, no warning lights and drove home like nothing was wrong...... hmmmmmmm

Yes it was cold out this morning below 10c, and I did not let her warm up before setting off, any thoughts or ideas as to what the issue was/is?

The only experience I've had even remotely similar, was with my daughters 94 Chevy Caprice.  It had a aftermarket alarm system.  That wreaked havoc with anything electrical on that car.  Caused the tranny to go into limp mode.  My brother bought it new he had the alarm system installed. After removing the alarm system, never had a problem.

Tom

Make sure the rad trans cooler isn't leaking.

It did it again yesterday morning, anticipating it to do it again I let it warm up and while it was warming up the check engine light came on as did the change oil light , and the idle was rough, and there was lots of white smoke coming out of the tail pipe. turned it off then fired it up and she ran fine.

Makes me wonder if their is a faulty temp sensor or something causing this.

Check or replace the temp sensor. Also take a look at your PCM...unplug the 4 connectors and check for white crud. I think you have a couple things going on at once. Sounds like it's going into limp home mode. Dirty connections on the PCM could cause that. Issue with the trans fluid sounds like you may have coolant mixing with your anti freeze. At the very least I would do a trans service on it and inspect your coolant.