Early results are coming in. They are good news for President Obama.
Polls in Ohio are closed. The CNN exit poll shows President Obama winning 51% - 48% but CNN is not willing to call the election. The other exit polls on issue point to an Obama victory. If President Obama wins Ohio, he will most likely win.
Polls in Florida are closed. They point to a 49% - 49% dead even race. Mitt Romney must will Florida or he loses the election. It will be many hours before Florida can be called. There is a chance the count will go into tomorrow.
Polls in North Carolina and Virginia are closed. Romney must will at least one of these states, and probably both in order to win. They point to a dead even race, although President Obama appears to be doing as well as he did in 2008 when he carried the state.
Bottom Line: If President Obama wins Ohio, he will most likely win the election even if he loses Florida, Virginia, and North Carolina.
However, things can change and the election is still too close to call.