Pre-morning action: Chinese stocks are bouncing higher from two day sell-off, while IBM is up +1.03 on UBS upgrade

IBM is higher from an upgrade by UBS to a buy from neutral citing improving fundamentals in its core business. Oil stocks are also set to move higher at the open with pre-morning Feb '07 Crude Oil higher. Crude oil has been pounded the last two days on forecasts of continued warm weather season and rising inventories. Also, overall commodity prices have continued weakening due to a softening economy and a possible flattening in demand for such commodities in China and India.