Of course they are. Their team is shit and they once against lost their best player in the beginning of the season. Despite this they still managed to get into the CL. If I were an Arsenal fan (and thank god I'm not), I would be celebrating as well.
If we can add a couple pieces and keep players healthy, we've got a good shot. Our results since January have been good (with a couple exceptions). If Sturridge and Coutinho can continue this type of play then we've definitely got a chance. You have to remember the first half of our season was played with Suarez and a pair of 17 year olds up top, Glenn playing on the left and another teenager on the right.
For me it's about what we do with the back line (Carra retired and Skrtel/Coates on the move) that will determine the season. That and adding some depth to the squad.
For me it's all about what we do with the backline with Carra retired and Skrtel/Coates on the market.