Did you buy the Pertronix Ignitor new? Cutting out at high RPM is a typical sign of a bad ignition module.
Also, white mark right on the arrow doesn't mean much. There should be numbers associated with timing, 10 degrees BTC or advanced, for example. Being picky but it's hard to tell what your situation is.
What about the rest of the parts - plug wires, plugs, rotor, cap. Are they new also or the old pieces? Did you follow the Pertronix instructions or wing it based on what looked right? Details.