PRE MARKETS

Futures are trading lower but well off their worst levels as PHM decides to merge with CTX.

And from the blogosphere:

Cramer V. Roubini;

Barry on a clear indicator that doesn't lead;

Fisher on the grim economy;

Roubini - still dour;

Trader Mike's trend lines;

Plummeting Manhattan rents;

Dreman out at Dreman;

The Dick Bove track record and a BAC call;

SEC wants to further limit short sales;

Stress tests delayed for what?

Another good one on the Twitter list;