This H1B issue started few years back after congress decided to reduce cap to 65000 from 195000 in 2004. At that year, it was over in october 1st. Then congress passed a bill and added 20,000 more quota for those who has masters or higher degree from usa. This was effected somewhere in April of 2005 and lasted until January of 2006. Last year, undergrad quota was over on may 26th and graduate quota was over in july 25th. This year is crazy. I believe this is because of indian companies and consulting frms, though job market is also getting better, it is not entirely because of job market. I hope masters quota will rain for few weeks this year. The volume of applications indicates that it might run out sooner, but still there is ray of hope for those with masters degree. anyone from any part of the world can apply for that 65000 quota but for 20000, one has to have masters or higher degree from US institution, and this is the only reason I think there might be still chance for those with masters degree.