Leslie,
In answer to your questions:
Could the colonoscopy have missed something? Yes.
Do all tumors show up on a PET Scan? No. Small ones won't show up.
Would CEA detect something before PET? It might and it might not. For some people CEA is not a good indicator, so PET might show it first. For others it is a good indicator and it leads to getting a PET scan.
Do you smoke? Have you had any infections/inflammation? Both can lead to higher CEA's. Women tend to have higher CEA's than men.
Given that it has been about 9 months since the first CEA and it has bounced around without treatment, I think you might be getting a false positive reading, but you should be diligent about monitoring things. Are you having another colonoscopy this summer?
Jack