I just received the latest Larry Sabato newsletter assessing Obama’s reelection chances.  I didn’t get but a few sentences into it when I came across this:

Yet presidents riding high—such as Ronald Reagan in 1984, Bill Clinton in 1996 and George W. Bush in 2004—often find themselves surrounded by good fortune.

Yet when you look back at the polls in the months leading up to the 2004 election, Bush’s favorability ratings were often under 50%.  That’s riding high?