The Magpies' losing streak continued on Monday evening as they were beaten 3-0 by Arsenal at the Emirates Stadium.
"There is no in-between at Newcastle, you're either up high or down low. At this moment the club are at rock bottom," he told talkSPORT.
"Everyone has been talking about the last six or seven games but if you look back on the form since January 1, Newcastle would be bottom of the table. If it wasn't for that early season form, they would have been in a relegation fight.
"I sympathise with Alan Pardew, maybe he has had his hands tied and hasn't been able to spend. Look at the performances though, they have been gutless."
Newcastle remain ninth in the standings following Monday's defeat.