Obama's 2012 Opponent

Obama's chances of being reelected are looking good, provided the economy keeps improving. It's almost impossible to dethrone a sitting President if the economy is good (hence, W Bush in 2004 even after drumming up false motives to wage war). The economy ebbed in 2008, post the financial crash and it's been picking up slowly ever since, especially the stock market. Labor markets should follow.

Additionally, Obama doesn't have any strong competition. New Hampshire's GOP elite gets first dibs on selecting the next GOP Presidential candidate. The results of a their recent Straw Poll :

And about a month ago, while Obama's approval ratings where in the mid-40's, voters were asked wouldn't vote for Obama in 2010. About 52% said no. However, when they asked if they'd vote for Obama or one of the G.O.P. candidates list above. Obama won each permutation. If their isn't a viable alternative, voter would have much of a choice.