Spec Stocks: The Good, the Bad and the Ugly

OK, you want to know what does bother me about the market, even as it reacts incredibly well and bounces back seemingly no matter what? You know what I find disturbing, something that also irritates Doug Kass and has Ron Insana none too positive? The speculation in little-dollar stocks. I hate to see it, I just hate it, but it's happening and it's worrisome beyond all get-out. But rather than pooh-pooh it, let's figure it out. I have a dozen of them I am focused on, and since I don't care for most of them here is Cramer's "The Good, the Bad and the Ugly" ratings for the spec stocks I see being traded like water on today's ticker.

First, the good:

Regions Financial (RF Quote), Huntington Bancshares (HBAN Quote) and Fifth Third Bank (FITB Quote) are three regional banks that I regard as great calls on the turn in the economy, and I would buy all three. Regions is the worst of the three, and that matters because right now people actually want the worst ones, because they could fly the most if things get better. Huntington didn't have a great quarter but has an energized management, and I think this one could be on track for a double. Fifth Third? What can I say, Goldman Sachs loves it, as it has built a gigantic book of reserves and is doing everything right. It reminds me of the old Fifth Third -- conservative, lean and mean.

Are you ready for the last of the good? Citigroup (C Quote). I know the government owns a ton, I know that the people are leaving left and right, but I think most important is that it has many trading operations that are going to report magnificent earnings, not just Phibro. The company is deleveraging, and if the FDIC would get out of its hair, the company could begin to get a grip on its own non-government fate. This, like Regions Financial, just isn't a good bank right now, but when the speculative juices flow, who is to say this one won't go to $4?