By default, it may be trying to Extrude Cut away from the body. Have you tried changing directions on the cut?
It would appear from your image that you have a surface body and not a solid body. A Cut-Extrude command would not be able to execute on a surface body. You would want to fix up your surface body (all the blue edges are open edges that need to be filled in and repaired to make a solid) to form it into a solid then use Cut-Extrude or use a Surface Trim (found under 'Insert', 'Surface', 'Trim') to use your circular sketch to trim holes into the surface body.
thank you I ended up rebuilding it, but I will try that next time.
again Thank you.
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