http://en.wikipedia.org/wiki/Saddle_point
For an easier example, consider two charges of +q at the points (a,a,a) and (-a,-a,-a). Now, if I place another charge of +Q at the origin, what is the nature of equilibirium?
If the charge Q is displaced along the line joining (a,a,a) and (-a,-a,-a), there will be a restoring force and therefore there is a stable equilibirium in this direction. But, if the charge Q is displaced in any other direction, it will go off to infinity. So the equilibirium in this direction is unstable. This is an example of a saddle point.