CHART OF THE DAY: Here's The Real Reason Obama's Re-Election Odds Are Plunging

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Obama’s re-election odds have wavered after a string of poor jobs reports, with many polls putting the president within the margin of error for a win this November.

But for Obama and Romney supporters, the best insight may be how the markets are performing come fall. 

Below we present a chart we’ve seen many times before (updated through Friday’s close): Obama’s re-election odds (as calculated by InTrade) against the S&P 500. 

The two are somewhat correlated — showing an R-squared of 0.62 — and stock market historian Sam Stovall says that equities predict the winner of the presidential ballot with 88 per cent accuracy.

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