Quarterbacking 101
Ball Position
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Passing Techniques

       The ball should be placed between the numbers and the shoulder, depending on how soon the ball is to be thrown and the quaterback's physical makeup. The higher the football is held, the faster the ball can get away if a hitch isn't used or the ball isn't lovered before the upward movement of the delivery begins. Some pass patterns, however, require specific placement of the football in the prerelease stage; for example, in quick set passes, the ball must be held higher than normal.
       For most passes, ideal ball position is about at the top of the numbers. The ball is gripped four to six inches away from the body. It is advantageous to begin delivery from this position. The arc of delivery and full range of motion are important, encouraging a tight spiral with zip on the pigskin whenever possible.

Thanks to Don Read, Author of "Complete Quarterbacking"