jQuery code to cycle background colors

<script type="text/javascript">
        //<![CDATA[
        $(function() {
            $body = $(document.body);
            var colours = ["#007777", "#777700", "#777777", "#770077"];
            var currentColour = 0;
            var fade = function() {
                $body.animate({ backgroundColor: colours[currentColour % colours.length]}, 127000, fade);
                currentColour++;
            };
            fade();
        });
    //]]>
<script>