[ERA535]

Does that eyelet have a wire connected to it? I imagine it does, and if so, it looks like it should be fastened to something like the other eyelet.
I use an MSD distributor - so I can't go out and check mine to compare it to yours......it looks like an Accel distributor (?).

Maybe someone else uses this set up and can go and check where or if that other eyelet is fastened down?

How long have you had your car running? What I am trying to get at is this.....is it all brand new and only has a few miles on it? Or have you been running it successfully for years.