by Martin Armstrong
he Nikkei could not hold the late US rally and as the cash market opened the weakness returned from the opening, especially having just seen the weaker than expected Machinery Orders. Gaping lower, we did see a small bounce but not enough energy to look for a positive close. Eventually the index closed around 1% lower as we saw the JPY trade down to 106.25. Asian markets were quiet due to national holidays in Taiwan, Hong Kong and China. Late in the US session that selling has continued with the Nikkei down a further 0.5% whilst China 300 and Hang Seng futures decline only 0.2%.