I, myself use the rod with eyes down, but that's the way I was taught to do it. I have never tried with the eyes up, but everyone I know who use spin rods & reels use the rod with eyes down.

Personally with a spinning reel it works best witht he eye's down. But there is usually a switch on the reel for reverse/anti reverse reeling for persons that may use it eye's up. Try it out and see what feels comfortable.

I noticed that all of your responses have been towards a “spinning reel” your question specifically asked about a “spin-cast reel”. There is a common misconception between the two. Let me explain the difference. Spinning reels; commonly referred to as “open-face spinning reels” and “spin –cast” reels are noticeably very different. Open-face spinning reels are meant to be placed towards the underside of the spinning rod and if the user is right handed they would cast with the right hand and reel with the left. Spin-cast reels have reel seats located on the upper side of the rod and are meant to be casted with the right hand and also reeled with the rights hand (assuming the user is right handed). The rods are noticeably different as well. Spinning rods lack the “forefinger grip trigger” and have larger guides because the loop of line coming off of the reel is larger than the loops coming of a spin cast reel. Spin-cast rods are very much the same as a “bait casting” rod. They have smaller guides and have the forefinger trigger grip to add stability when casting. Many people who are new to fishing prefer the spin-cast reel because the spool is enclosed and they have less trouble with loops of line coming off the spool and are easier to learn with. After they master casting with the spin-cast many switch to the open face spinning reel as it allows more accuracy and distance to the cast. Open faced spinning reels should never be turned over and used as a spin cast reel and reeled backwards. ZEBCO offers a “trigger spin” outfit which is a spin-cast reel with the button removed and replaced with a trigger and is to be used on an open faced spinning rod. I’ve never seen the advantage to this but some folks seem to like them. As to how to hold a spin cast outfit when reeling it really depends on the user. Some like to hold the rod ahead of the reel with their left hand and put the butt of the rod on their belly. Others prefer to palm the reel with the left hand and not put the butt on their belly, the choice is yours. Have fun fishing!

Spin-cast eyes up, reel up, sinning or open face, both down. I don't know how you'd cast either one the other way around.