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It's pretty simple. From past experience, each candidate gets a bump of around 4.5% just after their convention, which then subsides. What makes this year weird is that the conventions were so close together, so the decline in the Democratic convention bounce overlaps the Republican convention bounce, making for a steeper apparent shift, but the usual result is that, when all is said and done, the result coming out of the conventions is about the same as that going in.
Nate at 538.com has been following the tracking polls, and has a rough formula to determine what the differential each day out of the three-day tracking polls actually was. In the past week, the RNC had little effect through Wednesday, with Obama still holding the lead. On Thursday (taken after the Palin-mania of the night before), Obama still held a slight lead in both polls, but it was down significantly (from +7 to +1 in Gallup). On Friday (polling taken after McCain's acceptance speech), it appears that McCain won the day by 2 points in Gallup, but Obama continued in the lead by 1 in Rasmussen. (I will note that, despite all the rhetoric about Palin's effect on the race, it was actually the polling taken after McCain's speech, not hers, that went in the G.O.P.'s favor, suggesting to me that Sarahbou won't necessarily be the "game-changer" they so expected.)
Now, the results coming out tomorrow morning will be made up of the average of the results for Thursday, Friday, and whatever the polling was on Saturday. (TRANSLATION: It will be the first day where all the polling took place after Palin's speech, and therefore entirely in the time period of any RNC convention bounce.) We know that Gallup had Obama up one on Thursday and down two on Friday, so, if Saturday's polling gives us a tie or McCain lead, he'll be in the lead in the overall tracking poll as well. Rasmussen has had Obama winning both of the last two days, but by very narrow margins, so he might maintain a narrow lead, or a big polling day for McCain might put the latter in front. Remember, of course, that Obama has a tendency to poll weaker on weekends, when more young voters are going to be out and about, so the people who get contacted are more likely to be older and in McCain's demographic -- so it's possible that the Saturday polling will favor the Republcans more than would normally be the case, temporarily giving McCain a bigger lead.
According to studies I've read, a convention bounce generally reaches its peak 48 hours after the convention ends (in this case, Saturday evening), then will slowly starts to decline. Accordingly, it won't be too easy to tell how this has effected the race until at least after Saturday and Sunday results have passed through and fallen out of the average, which would be for the results released next Thursday. On the face of it, it would appear probable that McCain will grab a narrow (or even not-so-narrow) lead in both polls released this morning, possibly build on them the next day or so, then start to slowly drop back thereafter. My guess would be that, unless McCain has somehow managed to permanently change the dynamics of the race, a week from next Tuesday (9/16) will find Obama back in a narrow lead.
Hope this helps.
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