Its been -20 degree weather lately and I just noticed a leak with red fluid underneath the car , the leak is concentrated under the alternator area. Anybody have an idea of what it is

 

Red fluid is probably trans fluid or power steering, as you guessed, but windshield washer fluid is sometimes pink, so that's another possibility.
There's no fluid in the alternator, so you are going to need to get a good look under there and see where the drip is coming from.

 

I took the wheel off the and the plastic wheel well covers and found out where its leaking.
the leak is comming from the area where the tie rod goes into the rack n pinion, right near the bellows. I just had the entire rack replaced by the dealership in sept of 2012, man I hate Lithia they are the worst mechanics

 

If they replaced the entire rack, they shouldn't have touched that seal. Sounds like it was a bad part. Probably long off warranty by now but it might be worth it to go back and complain a little. If they won't give you any satisfaction, leave and don't go back there.