No. The bullets in the magazine should be facing forward so the index finger of your grasping hand (works on either side) can touch the tip of the top bullet in the magazine. To reload fast you need the mag in the correct orientation. The less movement or manipulation during the process the less room for error.
The best explanation of the reload is this one by Bruce Gray
on Michael Bane's DownRange.tv. You'll get the best breakdown of the reload and how you need to handle your mags. Pay close attention to his description of why you place your finger on the tip of the bullet. And to do that you need the mag in facing forward in the mag pouch. - ERHARDT