The lights indicate there is a code stored in the computer identifying the problem. If I had to guess, I would say there is a problem with one of the ABS sensors at the wheels. FYI, the two systems, ABS and Traction Control, work together. As a result, if one goes bad, the outher light will come on too.
Have the computer scanned to identify where the problem is coming from. Most nationally recognized parts stores will do it for free.