I love the pink and red ensemble in clothing. I never listened to the saying "You cannot wear pink and red together." As long as the pink and red are both brights, I do not see why not?
I have seen numerous new outfits shown at fashion week for Fall 2011 RTW with a few different designers including Kate Spade and DKNY showed. The play with these two colors are great. Who says we can't wear Pink and Red? Black and Navy? Black and Brown? I think if it looks good, wear it! Black, Navy, and brown are all base colors so you can mix and match them if you please.
Photos found at WWD.com Kate Spade top, DKNY bottom