95 Formula. Tried to crank the car but it won't start. Car has battery power, fuel pump activates, but will not crank at all. If I stay on the key I will get smoke from the red grounding "cap" area on the passenger side shock tower. Security light does not blink but does stay solid when I'm on the key. It did it when I was at the gas station earlier today but it came to life on the fourth or so try. I'm not trying to burn my car up. Any ideas appreciated.

 

the red cap is not a ground...... its positive side of the battery that connects starter and other power supply for the electronics.... You might be grounding out at that connection..