SEVP confirmed that the unemployment provisions of the regulation do not apply to any periods of unemployment before the effective date April 8, 2008. The 90 day "clock" starts on April 8, 2008.

This means, if we do not find job by July 8, 2008, then we will be out of status. I am happy to know that I am not automatically out of status after being in US for 5 yrs. Atleast we have time to join Master.

Source:

http://www.nafsa.org/regulatory_information.sec/29_month_opt_rule_updates

Goodluck.