Aiden McGeady believes that Celtic are still capable of winning the SPL despite the frustrations of yesterday's 1-1 draw with Rangers.
Two minutes after Scott McDonald's opener Lee McCulloch equalised for Rangers leaving the home fans in despair with McGeady admitting afterwards that the result felt like a defeat.
The January transfer window will have a big effect on both clubs with Gordon Strachan expected to put in bids for Gary Caldwell and Kris Boyd this week.
Celtic emerged with another moral victory and complaints about rookie referee Steve Conroy with McGeady attempting to pick up the pieces for the second half of the season.
He said: "The league is not over and we don't have to go out and spend massively and get a full new team in. The players who played today did well.
"We switched off at the set-piece and that has happened to us a few times this season but we should have done our job at the other end.
"At full time it felt like a defeat in our dressing room. Everyone was gutted when their goal went in, it was deflating for us and hard to take. But it's not the be-all and end-all because Rangers drew today.
"It's a bit early to be talking about us losing the championship, it's only January 3 with loads of football still to be played.
"We were a few points clear going into the last few games of last season and Rangers won the league.
"And remember Rangers were seven points clear when we came back to win the league the year before that. There is still an awful long way to go this season."
McGeady missed two great chances to open the scoring early in the second half as Celtic failed to convert their superior possession into chances or goals.
For most of the match it looked like a throwback to the days when Liam Brady and Tommy Burns were in charge of Celtic as they dominated Rangers without looking likely to score. Marco Fortune did put the ball in the net in the 19th minute but other than Rangers boss Walter Smith no one in the stadium could see an infringement on goalkeeper Allan McGregor.
The Rangers keeper was kept busy enough but had very few chances to deal with before McDonald's 79th minute header gave Celtic the lead.
Two minutes later McCulloch powered home a header into the unguarded front post from a Steve Davis corner leaving Mowbray to reflect on another lost opportunity for his side.
Mowbray is expecting to oversee a shake-up to his Celtic squad this month but warned Gary Caldwell that the Parkhead club will call the shots on his future.
The Hoops defender's contract is up at the end of the season and all the signs are that he will forego the opportunity to extend his current deal.
"I am in the market for quality footballers," said Mowbray. "The board are fully aware of the situation.
"There are a lot of conversations going on at the moment with various clubs, either to sell players or to buy players. I don't know if it was Gary Caldwell's last game in a Celtic jersey.
"We are all very aware of his contract situation and if there are conversations to be had, we will have them."
Former Celt and current Ipswich Town manager Roy Keane - who is planning a clear-out of players to make way for some transfer window buys - was at the match as was former Celtic manager Gordon Strachan. Kris Boyd of Rangers is probably the top target with Strachan also linked with Caldwell, Scott Mc- Donald and Barry Robson. Celtic captain, who was a sub yesterday, Stephen McManus is another likely departure.