Smoke from a burned out motor has a strong acidic odor, it stings the eyes and nose. What burns is the insulation of the motor windings. Once burned your motor is shorted and toast. If the reset switch "clicks" when you push it, then it is likely working and your motor is a goner. Don't feel bad, these are fairly cheap saws with fairly short lives. They are seldom worth repairing. Unfortunately the really nice in-dierect drive models are quite expensive, however these saws can become heirlooms that last a very long time.