The Reds were knocked off the Barclays Premier League summit, and slipped down to fourth, as they slipped to a 2-1 loss at Manchester City on Boxing Day.
Newcastle are on a roll and, although Alan Pardew is playing down hopes of even a Europa League spot, the Champions League is within reach.
And if we can keep our stars in January - and add to them - are we in a position to push on for the title?
Brendan Rodgers: "Apart from the two goals we gave away, I thought we were excellent.
"Our attitude, confidence and belief was very strong against an opponent who, a few weeks ago, went to Bayern Munich and won.
"We went toe to toe with one of the best teams in Europe. We take great confidence from that.
"When you miss the chances we missed, and play as well as we did, it is disappointing not to get a result.
"That was a big statement from us. I think we have shown we are improving.
"When you go to the Etihad Stadium, where it has been remarkably difficult for teams, and the top teams, and perform like we did, it means we are going to be able to challenge."
But ... if Newcastle beat Arsenal on Sunday ... how big a statement would THAT be?
Saturday December 28
12:45 West Ham United v West Brom
15:00 Aston Villa v Swansea City
15:00 Hull City v Fulham
15:00 Manchester City v Crystal Palace
15:00 Norwich City v Man Utd
17:30 Cardiff City v Sunderland
Sunday December 29
13:30 Everton v Southampton
13:30 Newcastle United v Arsenal
16:00 Chelsea v Liverpool
16:00 Tottenham v Stoke City