CE and CT definitions and started because of a Georgia law
 

CE stamp definition

So CE just means Chevrolet Engine. Cool.

And CT means Chevrolet Transmission.
Neither stood for Counter.

CC has also been seen on Muncie cases which means Chevrolet Case. You could buy a replacement case only rather than a whole transmission through the parts department. I'm assuming the same thing for the Saginaw trannys but I haven't personally observed any.

So much for the CE "Counter Exchange" theory. Thx for the info

In the 70s I was told it was counter exchange, then heard Chevrolet engine from Al Maynard.

This info has been out there since day 1 in the service information. I believe I posted the interoffice memo previously.
Quoting from the Chevrolet Dealer Service Information Bulletin, 69-I-1, dated 19 Sept, 1968:
http://www.camaros.org/engine.shtml#service