My 6yr old had an earache friday night, but the pain suddenly stopped and has been draining since. there is no pain, should i be concerned?

Ear drum ruptured.: Clear, watery ear drainage that may be slightly tinged with blood is usually caused by a perforated ear drum. This means that the ear drum (aka tympanic membrane) has a tear or hole that is allowing the fluid inside the ear to drain out. A minor tear in the ear drum will usually heal on it's own in about a week; however, you may want to see your doctor, who might prescribe antibiotics.

Likely preforated: Sudden relief of an ear pain is wonderful in one respect but troublesome in another. If it is a middle ear infection it would mean the built up pressure pushed out through a hole in the ear drum & released the pressure. The drainage left behind is likely pus & debris. A visit to confirm the hole & consider treatment options is indicated.