"As of this writing, Obama's lead in the national tracking polls looks to be around five points (I get 5.5 when I average all six of the trackers I mentioned, along with the Hotline and Battleground trackers, which haven't changed much in the last few days). If that drops two-to-three points, as it easily could in a week, I don't think it's crazy to think McCain will have a shot at winning Pennsylvania, Virginia, and/or Colorado. Unlikely, yes, but not crazy. According to sites like Real Clear and Pollster.com, Obama's lead in those states is currently larger than his 5.5 point national lead (significantly so in Pennsylvania). But, as I argued last week, the relationship between battleground-state numbers and national numbers can change significantly as we approach the finish, and those state averages you see could easily be a week out of date.
My immediate concern is twofold: That McCain is getting some traction with his liberal/socialist/redistributionist charge--the WaPo tracker shows McCain narrowing the gap on the economy over the last week--and, in light of this, that Obama is striking his high-note a few days too early. I'd feel more comfortable if he roughed McCain up a bit longer (though, in fairness, his "closing argument" speech is very good and it does take some swipes at McCain. Also, it's not like the campaign isn't still running tough ads.)."
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The S&P 500 in Week 3 of August 2017
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