No, it's not denial of the inevitable. We simply don't know, yet - and we may not know for quite some time, in fact. So what I am in denial of is premature surrender. After all, last time round, the incumbent didn't and made it despite of the popular vote in his opponent's favour.
What I can already say, though, is that I am very surprised (and disappointed, of course) at the fact that the unexpectedly massive turnout seems to actually favour the incumbent. I would have assumed the opposite, because normally, non-voters only turn up if they want change. But in this case, it seems that the "moral values" issue has brought out a majority of rather narrow minded voters, who eventually will be certain to be wrong, to paraphrase a slogan. If this is indeed confirmed in the electoral college, I can only say: Poor America. Poor World.
Here's the NY Times Election Results page with a very informative electoral votes view.