In the last month, Cain is down 30% (from 26 to 18.2% in RCP). Perry is down 38% (12.5 to 7.7%) in the same period. Perry has not stopped the bleeding that I have seen, though he did get a small bounce for a bit before dropping more. Cain can probably not afford to slip much further, but he still has the easier path to the nomination at this point.
I don’t there’s anything Cain can say or do at this point to regain the lead because the nice grampa who’ll take care of us all thing has worn off and the lack of substance has been revealed.
I don’t know if Perry can regain the momentum or not, but I know he’ll try and I know he has the money and organization and good credentials to do it with.