leland miller joins us now.o have an important conversation that i'm sure has frustrated you through the week that everyone almost exclusively have been overwhelmingly focused on whether this is a lehman moment or not. you think there should be a bigger focus elsewhere. where? leland: you have to say this is not china's lehman moment. there is not major contagion risk. china has the tools to deal with it the real signal is what there was a de-risking of the financial sector, much tighter conditions. the property sector had been in the midst of a de-risking for the last six months or so, which has created this much lower growth, much less access to capital. this is a paradigm shift for china's model. i think they see the end of the growth -- of the financial model, there is too much risk and too much use of financial capital, good money chasing bad investors should look at the medium-term trajectory, which will be most -- much lower. jonathan: i've seen numbers in the low fives next year. what do you think? lelan

tom: leland miller will say, can we trust the data? i think it is the trend of the data, and the trend is below 6% gdp, and that is a new china, never mind the overlay of everg rand and all of it. jonathan: we certainly taken some heat of this federal reserve going into next week. lisa: you are talking about cpi yesterday. i think one aspect that equity investors are focused on is the fact that ppi, prices of the inputs a lot of companies are using, arising much more quickly than consumer prices. this goes directly to the margin question and directly to the momentum in the economy. jonathan: i know gina martin adams is doing some work on that. we need to talk about the goals -- the technicals. you pointed out to me that we are sitting right on top of that 50 day moving average for the s&p. tom: i am not a big believer in this. i hate the death cross or get i hate the golden cross. i don't do much moving average study. but the fact is it is pretty elegant. we are coming down not within a correction and testing some of these levels. jona