Roy - I don't think you're doing anything wrong. "Blank.xls" is presumably the file name of the source workbook where the sheet named "copy" is located. Is there a problem? Do you want a different cell E9 referenced?
Tom
Instead of CUT and PASTE, try:
1) Hit F2
2) Press SHIFT, Hit HOME, Release SHIFT
3) Press CTRL, Hit C, Release CTRL
On new sheet (and EXACT REF used for copy):
4) Press CTRL, Hit P, Release CTRL
This method is perhaps bulky but it worsks.
Roy
As Tom said you aren't really doing anything wrong
it's just that your original ref formula is linked
to the workbook that it was created to.
To ref the new workbook;
Click "Edit"
Select "Links..."
Click "Change source"
Then select your new workbook ie. the Activeworkbook
you are in.
Ivan
Ivan,Bill & Tom -- thanks a lot