Things I Know I Know

On one of the streets I regularly walk on, there's a house with a one-step front stoop about five feet from the sidewalk. The people who live there have a cat and they often put the cat outside on a long line.

I'm trying to figure out what this cat would think about sitting out there on the stoop. Either:

I'm the Ruler of the Universe

or

Oh my god, I'm going to be EATEN BY A DOG!!!!

I figure it must spend its time switching rapidly between these two opposing states.