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After working on my 83 F-150....the engine cranked for a while and it soudned like the battery was going dead.....when I looked under the hood..the positive battery cable was smoking where it connected to an electrical blockon the side of the engine compartment...what's going on here?? :-X11
Although battery cables can look good from the outside, it is under the insulation near the connectors where one will find corrosion. Spend a couple of bucks and replace your positive cable. After you get her started, check your timing. Timing set too much advanced will put a tremendous strain on your starting system.
Usually a hot wire indicates a bad ground in the system...now it very well could be a fried solenoid...but make sure you check the negative cable for a good solid ground and no corrosion.
The point where it is hot and smoking is where your problem is. Like mil1ion said, you have too much resistance at that connection. It could be a loose or corroded connection or like the other poster said, a bad cable at that connection point.