Nock and grain alignment on wood arrows.

[snag]

Rose City's site under building arrows.

[Ceb]

I agree with Fletcher, I have always built my arrows this way and will continue to do so.

[owlbait]

I'm no expert, at anything actually, but I've always put the pointers away on top, with the string perpendicular to the grain.  

[Don Stokes]

I too have seen arrows that spine a pound or two higher on the "wrong" side, but that should not be the determining factor in aligning the nocks. Wood grain, and its tendency to separate in certain ways, should be the most important consideration in orienting the arrow. In other words, it's safest to align the nocks with the grain as Fletcher said, not with the variations in spine you might find around the shaft.