Check for last post in loop

I am trying to check for the last post in a loop.
I need to add a <hr /> under each recent post but not the last post in the loop.

In previous themes I have used:
<?php if( ($wp_query->current_post + 1) < ($wp_query->post_count) ) { ?><div class="clear"><hr /></div><?php } ?>

Except I doesn’t work in this case. I think it has something to do with the fact I am not using a standard wp_query.

Has anyone had this problem before and know how to get past it?

My current code can be seen here:
http://pastebin.com/YdgTqH1y