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According for the form 2555 instructions (that form you would use to claim your foreign income exclusion) - http://www.irs.gov/pub/irs-pdf/i2555.pdf
Physical Presence Test To meet this test, you must be a U.S. citizen or resident alien who is physically present in a foreign country, or countries, for at least 330 full days during any period of 12 months in a row. A full day means the 24-hour period that starts at midnight.
To figure the minimum of 330 full days, add all separate periods you were present in a foreign country during the 12-month period shown on line 16. The 330 full days can be interrupted by periods when you are traveling over international waters or are otherwise not in a foreign country.
So 330 day period is not required to be within any the tax year. As your period started on Jul 1, 2007 and will last till Nov 7, 2008 - you do qualify for the exclusion for 2007($85,700) and for 2008 ($87,600) - http://www.irs.gov/formspubs/article/0,,id=177960,00.html