Make sure that when you release the lever, the master cylinder piston is returning far enough to uncover the little port from the reservoir so that fluid can enter the cylinder. If it doesn't, you'll never build pressure or be able to bleed the system.
I reckon this is the problem 90% of the time when you rebuild a master cylinder. It's a tiny little port about 0.25mm in diameter so a fraction of a millimeter can make the difference between working properly and not working at all.
You can easily diagnose this problem. With the reservoir about half full, leave the cap off and pull the lever. if you don't get the little spout of fluid as mentioned in previous posts, then the port is more than likely blocked.
It can happen a couple of ways:
1. If you press the retaining ring in a bit too far when you reassemble the cylinder, it could limit piston travel.
2. If the new rubber seal on the M/C piston is a bit wider than the old one it could cover the port. I've had this happen a couple of times with new rubbers.
In either of the above cases, the piston needs to return a wee bit further. If the piston retaining ring is seated properly, you may need to file a wee bit off the outer end of the piston or the heel of the lever.