Technically, no. It's pointing to the light reflected off of the moon. Because of the rotation of the Earth and the time it takes light to travel between the two planets, the Moon isn't in that exact spot anymore.

1) "The term "fingerism" first appeared in an essay by I. M. Phalandgy entitled "On the Curious Custom of Pointing at the Moon". In his essay Phalandgy noted that the moon pointing seemed to have a broader significance than pointing the way to the bathroom. People in the East would point at the moon in the same manner as they pointed to fruit in the market, or the way to the bathroom, even though they could not obtain the moon or even visit it. He coined the term "fingerism" to describe this seemingly pointless pointing." Source and further information: http://www.leighb.com/finger.htm 2) "Finger pointing at the Moon" "Zen Buddhist koan to ward off the student from the fallacy of worship. It likens the Buddha to a finger pointing at the Moon. The student can either concentrate on the finger (i.e., worship the Buddha), or look at the Moon (i.e., study what the Buddha taught). Naturally, you can substitute any religious, spiritual, philosophical, political (etc) leader, founder, teacher (etc) for the Buddha." Source and further information: http://everything2.com/e2node/Finger%2520pointing%2520at%2520the%2520Moon 3) "Zen, which sees all teachings as expedients, "fingeres pointing to the moon", - the moon being the "True Mind", the Mind od Thusness, always bright, pure and unchanging." Source and further information: http://www.buddhanet.net/pdf_file/pureland.pdf 4) "The relative sizes and separation of the Earth–Moon system are shown to scale above. The beam of light is depicted travelling between the Earth and the Moon in the same time it actually takes light to scale the real distance between them: 1.255 seconds at its mean orbital distance. The light beam helps provide the sense of scale of the Earth-Moon system relative to the Sun, which is 8.28 light-minutes away (photosphere to Earth surface)." Source and further information: http://en.wikipedia.org/wiki/Moon#Orbit_and_relationship_to_Earth Because of this and because of the movement of the Earth and of the Moon, you are actually not really pointing at the place you are supposed to...