Volvo: 1984 760 Turbo will not start, condensation, colder temperatures

Question
My 760 starts perfectly all summer and most of the winter.  But right around freezing some mornings it just refuses to start.  I put an LED across the coil terminals so I could watch to see if I am getting ignition as I turned it over.  It looks like I have none.  The thing usually starts perfectly at colder temperatures (right down to -25 F) its just that range around freezing that I have trouble.  If you have any clues as to why I would appreciate the help.  

Answer
I would check your distributor, you might be collecting condensation underneath the cap, which would make it really hard to start until it burned off.  Being that the problem occurs right around freezing, my guess is that the water would be just liquified enough to cause shorts.