Car smokes at start up what could be wrong?

My car smokes for a few minutes at start up and it stops smoking after it's warmed up. I know it's not the rings because it has good compression and it holds the compression. This smoking occurs after the car has been sitting over night and the temperature is below about 50 degress give or take some degress. What can be the problem? My car is a 1995 Ford Probe SE 2.0L 4cyl with 150,000 miles and I'm the second owner and have only owned the car for about 9 months.