Markets stunned. What next? Don't look for the Fed to help.

Fed off until March? Forever. Can't wait for the excuses.

The market was stunned by the recent employment report and the dollar has reacted negatively. October is no longer an option. December? Do you think? The Fed in their attempt to be more transparent, indeed painted themselves in a corner.

• The transparency idea worked with the Bernanke "extended period of time". That stabilized markets, business confidence and stock markets.
• They then started to get cute with the employment target at 6.5% being the trigger point. That was shelved.
• They incorporated dot graphs. That has not worked.
• The Fed's Central Tendencies have not been all that great either.
• The press conferences after the meetings have been more confusing. One can argue, have them after all the decisions. One can argue, what good do they provide. The Fed chair has her bias and the market interprets the FOMC as being that way. Then the other members start to speak, and things get all jumbled.

What will Bullard say next? How close are they now to "liftoff". That word - "liftoff" - is annoying in and of itself.

A common line from Fed members is "it should be clear to the markets when the Fed will raise rates". It should be? Nothing has been clear and now with today's report, who knows what the Fed will say next to jumble up the picture.