Strange bump on elbow

I had a small bump on my elbow that started off looking like normal skin that was just a bump. Over the bed two weeks of so it started to get painful whenever I put my elbows on a table or scratched an itch. I thought at first it was just a zit but it was not red and did not seem infected. Never had any inflation either. After dealing with it for two weeks I thought it might be a wart or something  So I tried to pinch it off and that just aggravated it more. Then a couple days later I was picking at it and decided to squeeze it, when I did a little clear liquid came out and then the whole top slowly opened and a small, maybe 2 mil, white ball like thing came out. It is not like any pimple I have ever seen. It's not hard per say but it has definite spherical shape and is sorta like a little soft pearl. The bump doesn't hurt as bad now and it seems like it's healing up. Any idea what this might be??? 

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