Its supposed to be facing up like it is in the pic. The dizzy is keyed into the camshaft - the little metal bar is only supposed to fit into the cam one way. Did you force it in? I'm guessing you managed to fit that into the cam backwards. Take it out, try again - you'll see the bar and the slot in the cam are offset ever so slightly from the center.
Rocky - thats a cheap generic BOV I ran for a while on my first capri...they pretty much suck, there are *many* better choices out there. It works but it doesnt sound near as well as anything else, and I have my doubts as to how well it actually bypassed air.