Vaginal discharge: clear, like egg whites, and it is pretty stretchy. the last few days i've noticed small traces of blood in it. is it ovulation?

Vaginal discharge: a complete history is needed but I would think your internist, ob-gyn , or pediatrician should be contacted to differentiate between a simple vaginitis or something more serious

Likely not: Well ovulation and a menstrual period are not the same thing. Ovulation is the release of an egg usually 2 weeks after the last menstrual period. Menstruation (period) is the shedding of the uterus about 2 weeks after ovulation. Your discharge does not sound like a period, this might be just vaginal discharge that occurs now and then. If this continues or changes color see a doc.