Wierd timing problem on 327 SBC

I have a 327 sbc with an HEI distributor in my 1953 Chevy pu..  I've never 
set the timing using a timing light, I just set it "by ear". I don't drive

the truck that much, but the engine seems to run just fine at all speeds. 
I 
recently put in a new HEI distribtor, and decided that I would check the 
timing using an inductive timing light that I bought at Auto Zone. The 
strange thing is that I don't see the timing mark on the harmonic balancer

lining up anywere near the timing marks on the timing chain cover even 
though I'm turning the distributor as far as possible in both directions. 
It's so far off I can barely see it fla****ng on the other side of the
water 
pump.  I've tried it with the vacuum advance disconnected and connected,
but 
still can't see the marks lining up. Yes, I have double checked and I do 
have the induction clamp on the #1 spark wire.
     Does anyone have any clue has to what could be causing this problem.
Is 
it possible that the harmonic balancer was mounted incorrectly??