var clevercherry = { curitem: 0, items: [] };

Event.observe(document, 'dom:loaded', function() {
	clevercherry.items = $$('#latest-news li');
	clevercherry.items.invoke('hide');
	clevercherry.items[0].show();
	
	nextItem.delay(15);
});

function nextItem() {
	var thisitem = clevercherry.curitem;
	if (++clevercherry.curitem >= clevercherry.items.length) clevercherry.curitem = 0;
	clevercherry.items[thisitem].fade({ duration: 0.6, afterFinish: function() { clevercherry.items[clevercherry.curitem].appear(); nextItem.delay(15); } });
}