Well he wasnt wearing it when he cancelled visiting wounded troops in Germany, and instead chatted up a reporter and worked out at a gym in July.
Maybe it was in his pocket. According to
electionweb.blog, these pictures show what the presidential candidates carry around in their pockets as "lucky charms".(from a Time Magazine photo essay)
Obama - A U.S. soldiers bracelet, gamblers lucky chit, Madonna and Child charm, tiny monkey god, and three or four other unidentified items, among which seems to be a slug, an angel coin, and another Virgin Mary charm,
McCain - Lucky Penny