Second child (son) born on new year's day. umbilical cord starting to fall off and has a white ooze coming out and smells bad. no redness. this ok?

Needs attention: If baby is feeding well and there is no redness, I would suggest starting with gently lifting the cord remnant and cleansing the cord where it attaches to the body with rubbing alcohol on a q-tip now and again in several hours. Keep the area dry by folding the diaper down. If it continues to ooze, I strongly recommend that your infant be checked by his doctor who is better able to assess infect.