Man if you got a Mustang with an O/R pipe, it's gunna spit black smoke from time to time. Stock WOT tunes run a bit rich. If there are not cats on the car to clean up the extra fuel it shows it's self as black smoke.
If it is white smoke, that is an indication of moisture. Which can either be from condensation in the exhaust, or water entering the combustion chamber. But like stated your car would run like **** if there was a problem.
Blue smoke is an indication of oil burning. Which would usually mean piston rings, or other motor wear.
If you smoke is truly gray, that is your pistons being chewed up bad from detonation, typically with a poweradder. Once you see this your motor usually needs a teardown. Since your car is stock, I HIGHLY doubt this.
YOUR CAR IS FINE! Now go do a burnout just to make sure!