Unless you mean a chick has pipped though a blood vessel?, it sounds like you may have a bad / rotten / sappy egg, the pressure inside the egg will often force out the contents though the pores. You probably want to get that egg out asap, as they can explode and will contaminate the incubator and the other eggs.
I would agree it sounds like a rotten dead egg and it is oozing material out tiny cracks or pores, if you want to know for sure before tossing it you could remove it from the incubator and use a small tool to gently break away a small portion of the shell in the air cell area and gently peel away the outer membrane which is the one just inside the shell, not the one containing the blood vessels around the chick. If is smells horrible then it is either a rotten egg or a dead chick, if it is a developed chick and is not smelly or looks to be alive then put it back in the incubator with high humidity and wait and see what happens.
Thank you to all who replied to my post. I decided it was probably bad because it started oozing from pores all over the egg. I appreciate the good responses from all of you and I have learned from this attempt. Thanks again!