e430 transmission question

[pwells]

I have a '99 e430, I think it was manufactured in late '98. The car generally drives smoothly but if I try to accelerate quickly first thing in the morning then the engine runs to around 3,000 rpm and then it feels as though I loose power. If I back off the gas it'll switch up a gear and there's plenty of torque. I haven't tried to hold it in a gear but it feels transmission related, i.e. like it is trying to shift but not making it. It has been cooler here (Houston - I'd guess low 50's) the last few days and that may be a factor.

Any suggestions, I've read that the transmission can be a problem on these - I'd like to diagnose it before it might do any damage. It has had the oil changed at around 65k miles (now has almost 80k miles), the transmission doesn't seem to slip. Any suggestions?

Thanks in advance,

Peter