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Hillary Wins This Round, But Can She Win Iowa "Fight?"

Hillary Clinton performed strongly at last night's Democratic debate in Nevada. She needed too, after a difficult two weeks in which she harmed her own cause and Barack Obama found his stride.

But that doesn't mean that the "Clinton is champ" story line is any more certain now than the "Obama is surging" was last week.

Iowa voters absorb information and reach their conclusions at THEIR pace, not the pace of those of us feeding the daily news cycle. A lot can happen between now and caucus night on Jan 3--to help Hillary Clinton's prospects, or to hurt them.

Questions? Comments? Write to politicalcapital@cnbc.com.