I have a small red spot on lower penis. When squeezed clear liquid comes out then scabs. No pain. Wha is it?

Caution: Likely STD. There are a number of possibilities, but it is likely to be a lesion associated with one of several std's ("sexually transmitted diseases"). The fact that it is painless narrows the diagnosis a little. You definitely need to have this evaluated and (to avoid worsening) treated asap. In the meantime, please have consideration for, and protect your partner (s) from, possible spread of infection.
Most likely herpes. Please go and check it out, and have the right treatment.