78 Tbird squeal

Lately i have a squeal when i first start my car and when it gets to higher rpms. I thought it was a lose belt, but I tightened it and it still happens. The altenator is an old one but it doesnt move around when running and i cant wiggle it much at all. I started the car when under the hood and i swear i heard the squeal come from the back of the motor, am i just hearing wrong or whats your ideas? It does smoke but only when I am trying to get up to speed and I only see smoke the first time i get on it really though i cant tell on the highways if it smokes at all. I have the 6.6L 351M/400.