i cant remember if the "red dot"is to the valve when fitting.
(i know The red dot marks the tyre's high point)
(i know yellow dot is to the valve)
i have not fitted tyres in 20 years

According to Rob Lanes's site http://www.robs7.com (click on "wheels" ) the yellow dot is the lightest part of the tyre and should be positioned as close to the valve as possible, at least with Yokohamas

[Edited on 25/7/07 by UncleFista]

I thought that you used the red dot to align to a balance point on the wheel if there is one....