According to the LA Times, Obama will only lose the 2012 election if the following three conditions are fulfilled. 1 the economy has to tank. 2 Obama cannot improve his image by handling a new international crisis well, and 3 the Republicans need to put forward a candidate "who is charismatic; is a very good communicator; is in touch with the country's economic and social needs; and is a new brand of GOP leader whom many younger voters can connect with." Basically he needs to have terrible luck, screw up a major situation, and be opposed by a totally surprising and completely awesome Republican candidate.
Now what are the chances of that happening?
New West's Amy Linn reported earlier that according to top economist Christopher Thornberg, while the economy certainly has a ways to go, nevertheless it is definitely improving. That's one prerequisite down. As for the requirement of another international crisis occurring in which Obama preform poorly, I do not know of any method to anticipate such an event. And regarding the appearance of a awesome, sent by the gods Republican candidate, neither Herman Cain, newt Gingrich, Fred Karger, Jimmy McMillan, Tim Pawlenty, or Buddy Roemer resemble such an individual.