Is Wheel Wobble a Strain on Axle?

[jg61hawk]

Someone pointed out my right rear wheel had a small wobble going down the road. I jacked up the car and switched tires to each side. The wobble changed sides so it is a slightly bent wheel.

My question to the more experienced guys is: Is a slight wobble that I never felt and is not extreme a serious problem for the Model A? Is this flexing the axle like flexing a beer can back and forth and will it cause a problem? Thanks.