query question

Does this look ok?

<div id="recent-blogs">
                  <h2>Recent Blog News</h2>
					<?php
                    $latestPost = new WP_Query();
                    $latestPost->query('showposts=1');
                    while ($latestPost->have_posts()) : $latestPost->the_post(); ?>
                        <a href="<?php the_permalink() ?>"><?php the_post_thumbnail(); ?></a>
                        <div id="recent-title"><?php the_title() ?></div>
                        <div id="read-more"><a href="<?php the_permalink() ?>">read more ></a></div><div class="clear"></div>
                        <?php endwhile; ?>
                        <div id="sidebar-bottom"></div><div class="clear"></div>
                </div>