Leery of the Leaders

Lear (LEA - commentary - Cramer's Take), AMD (AMD - commentary - Cramer's Take), Genworth (GENW - commentary - Cramer's Take), Tenet (THC - commentary - Cramer's Take), Huntington (HBAN - commentary - Cramer's Take) and Fifth Third (FITB - commentary - Cramer's Take). These are our leaders? This is what's rocking the market?

There, that's a real worry. I don't like to see the speculative stocks as leaders. If we didn't have Apple (AAPL - commentary - Cramer's Take), Google (GOOG - commentary - Cramer's Take), Amazon (AMZN - commentary - Cramer's Take) and Qualcomm (QCOM - commentary - Cramer's Take) up, I would be worried that this is just one more day of the low-dollar rally that makes me feel we are all in speculation mode.

There is a big trade going on, and that's the trade from insolvency to solvency that I see in these little stocks as the companies behind them find the gates of bond fund rollover open to them at last. As someone who is insured by Genworth and had to frantically look up the insurance laws on our sister site MainStreet.com (for a piece I ultimately wrote for the site), I am gratified to see this rally. But I also know that this one and the other companies that are rallying simply aren't great ones to bet on longer term, so we need to see the techs stay in the forefront.

Again, I like the tape. However, the under-$5 crowd (and those recently freed from $5 bondage) bothers me and makes me more skeptical if the big-cap techs falter.

At the time of publication, Cramer was long Qualcomm.

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