The Magpies will travel to Bolton on Boxing Day looking for their first victory since they beat Everton 2-1 on Tyneside on November 5.
After a fine start to the campaign, which saw them go 11 league games without defeat, Pardew's men found themselves firmly established in the top four to send expectation through the roof.
But despite their more recent run of form, the 50-year-old insists he and his players deserve to enjoy the festivities, briefly at least.
He said: "Yes I will because you couldn't fault the players - 17 games, 27 points is more than we could have hoped for at the start of the season.
"But by halfway, if we could get 30 points - that's still a realistic target and it's something we hope to do."
Inevitably because of Newcastle's blistering start, the euphoria which greeted the early victories has given way to melancholia as tough fixtures against Manchester City, Manchester United and Chelsea which yielded a single point, have been followed by the same return from eminently more winnable fixtures at Norwich and at home to Swansea and West Brom.
The loss of in-from central defender Steven Taylor for the remainder of the season with an Achilles injury represents a major blow, and fitness problems for Cheick Tiote and Fabricio Coloccini, as well as disciplinary bans for Jonas Gutierrez, Yohan Cabaye and Dan Gosling in recent weeks, have also taken their toll.
However, with Tiote and Coloccini back in harness for home clashes with Swansea and the Baggies, Pardew was banking on more than one point from a possible six, and that is a source of disappointment.
He said: "You are just disappointed. We got ourselves into a great position and we had two games where you would expect to win.
"I just feel we have kind of let an opportunity slip - but that doesn't mean to say the next opportunity isn't around the corner, which it is in football, fortunately.
"We have Bolton and we have got to try to put it right there.
"The pressure we are under is going to be generated because of the results we have had.
"We have to accept that and we have to be big enough and bold enough to turn it around."
The Magpies' slump has led many to suggest their early-season bubble has burst, and they have gone into freefall.
Pardew, who took over from Chris Hughton in December last year with his only remit to keep the promoted club in the top flight, bristled at the suggestion.
Asked if he would have settled for seventh place at Christmas back in August, he said: "Absolutely, yes.
"We are still seventh in the division. We have 'freefallen' into seventh."
Newcastle encountered West Brom on the back of a good away win at crisis club Blackburn, and their next opponents piled the pressure on Rovers boss Steve Kean on Tuesday evening with a 2-1 victory at Ewood Park.
Pardew said: "That's been the sort of run we are on. We played West Brom and they got a late winner. Now we are playing Bolton on the back of their first win for a while.
"That just happens in the Premier League, you have these periods where you hit teams in form and you feel like things are going against you.
"But we have got to be mentally strong and if we just do what we do and we do it well, then we should win this game."
Midfielder Cabaye will return from his one-match ban, but the knee injury full-back Davide Santon picked up against the Baggies is being assessed.