Bull or Bear

Anyway—Porsche 986 is still out, leaves are down, and so might be the market. Let’s lay out both sides cleanly.

THE BEAR CASE

• We keep ping-ponging: $115K → $98–100K → $106–107K → back to ~$100–103K. That’s a classic lower-high, lower-low rhythm.

• Macro is gross: rising late payments (autos, cards, some mortgages), prices whipsawing on basic goods, and “macr…