Raising the spinnaker pole raises the tack of the spinnaker and opens the luff or leading edge of the sail. Spinnakers are flown most efficiently with the leading edge just on the edge of stall. If the leading edge is breaking about 1/2 way up the luff the pole height is correct. If the break is occurring higher up the pole it too low pulling the leading edge too tight.
Alan is spot on ... especially about the 'breaking' ... or 'slight curling' of the luff. A spinnaker as he states is most efficient (and is most stable from collapse, etc.) when the luff is 'just beginning' its curl near the
middle of the luff
.... if the curl occurs more above the 'middle' then pole is lowered;
if occurs lower down than the middle then the pole (tack) is raised.
Same thing, different wording.
But "when in doubt, first let it (sheet) out"
{BTW- The same is done with the tack line on an asymmetrical .... the tackline adjusts where the 'break' or 'curl' is happening and is adjusted the same way to get the sail to begin its break/curl in the middle.}
Keeping the pole horizontal keeps the tack/luff at the max. distance from the mast/mainsail for better airflow. ;-)