At times, Arsenal looked brilliant, in both matches, but the problem is simple--if you can't score, you can't win, and that's precisely the Gunners' issue right now. Arsenal play a beautiful brand of football, one I really admire, but at the end of the day, possession statistics don't get you any points.
Arsenal need a striker, someone who isn't afraid to hit a bomb outside the box. They can't expect to hold possession, and pass the ball into the net all the time. And with a striking trio of Theo Walcott, Andrei Arshavin, and Samir Nasri, three attacking midfielders, there's no one capable of consistently finishing a possession.
It seems, though, that Wenger is poised to hold out on buying any more players for the rest of the season. Good for him (he's an economist) but expect Arsenal's place in the table to now steadily decline.