As long as Obama remains absolutely tanked in the polls, this specific CNN poll is a moot point that has no implications for the 2012 presidential election.
2012 is a choice between Obama and a nominee of a party even less popular than he is. Which is why he's at 40% approval in Gallup, his lowest approval ever, and for the first time in years beating generic Republican in polls (and generic Republican is consistently the strongest polling Republican even if he doesn't exist). I've been arguing for a weeks Obama could easily break the record for low approvals for a president who gets re-elected. I am an award-winning predictor and I deserve your respect. Thank you.