TPM reports that the Romney campaign is cutting way back on advertising, buying only California TV ads so far in advance of the Feb. 5th “Super Tuesday” races.

The only possible way to read this dramatic ramp-down of effort is that the Romney campaign seems to be giving up. In combination with McCain’s receipt of Schwarzeneggar’s endorsement and his likely receipt of the lion’s share of Giuliani and Huckabee voters, the Romney campaign may have concluded that there is simply no conceivable route to victory remaining.

UPDATE: Romney may be running more ads than previously reported, but the lateness and narrowness of the ad buy indicates a significantly more selective and targeted approach than we have grown to expect from Romney.  As Romney is in large part self-financed, this sudden care with money indicates a significant decrease in Romney’s own confidence level.  Expect Feb. 5 to be Romney’s “last stand”.