If these polls are accurate, this will be a major alarm for the Obama campaign. One needs to look at the demographics of the undecideds, but Dick Morris may have a point although he over hypes it, that undecideds all things being equal tend to break against the incumbent, unless the demographics are skewed.
Morris was the one who suggested the undecideds in 2008 would break for McCain... I know no incumbent... but his analysis is pretty much wrong... and suits whoever is paying him.
People listen to this blow-hard why?
http://www.dickmorris.com/undecideds-should-break-for-mccain/
We had the Lehman meltdown. I actually switched my preference from McCain to Obama. I was never undecided, I just switched. So sure, events can matter. The issue is where some game changer does not occur.