When you say that fluid comes out of the bleeder screw. Does it seem to come out with good pressure, or does it just trickle out? The master might be pushing fluid, but when it tries to build pressure, it might be bypassing the seals and loosing pressure. If you do in fact have good pressure, it is probably a bad caliper. The caliper and master cyclinder can be rebuilt, but I do not know what the availability of parts would be from H.D. It might be better to replace rather than rebuild. Also, sometimes the bore in the caliper (or master cylinder) gets pitted, which then requires a new part, and cannot be rebuilt. I am an auto tech by trade, and from what I have seen, it is usually a bad master cylinder That causes no brake pressure (if there is no leak). A bad caliper that is loosing pressure should show signs of leaking. Have you checked all hoses and fittings very closely? The reservoir is very small, and does not take much of a leak to cause a proplem. If the brakes are not working at all, and you state there are no leaks, my money is on the master cylinder. Have you tried to bleed the system for any possible air that might be trapped in the system? Did this problem happen all at once, or was it a gradual thing? There is also a posibility there could be a problem in the ABS.