With things like GPS being used in iPhones and the like, tracking mobile phones is certainly possible. There was a story in the UK not too long ago, people were complaining because Apple (and the network provider for iPhones over here) were accumulating location information of people with iPhones. Apple and the provider said that it was purely to keep tabs on their own network coverage, but obviously people were dubious.
So yeah, your phone can be tracked, which means you can be tracked. But that's not to say the ability or information is openly available to the public.
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