China down 5% over 3 days, and Japan has been on Holiday

http://www.bloomberg.com/apps/cbuilder?ticker1=SHASHR%3AIND

Japan had a big 5 day weekend. It was always the Autumnal Equinox, and then they added in "Old folks day", and then there was a generic government holiday. Added up to a stupendous 5 day holiday.

a year or two back, when Japan raised the interest rate from 0% to 0.25%, their stock market tanked 10%. Very emotional.

Whilst the big holiday has been going on, China has tanked 5% in 3 days. It will be interesting to see if that plays out as a big sell-off.

Asia doesn't seem to affect US stocks on a day by day basis, but on a longer basis they could be a leader in trend.