I have a lump in my arm pit. it does not hurt it's a little smaller than a penny oval shaped and when i lanced it only blood came out what is this?

Lump: You shouldn't lance any growths or abscesses. My guess is that lump was a simple inclusion cyst although a lymph node was a possibility. A wen would have cheesy material and an abscess would extrude pus. If a lump remains or if there is spreading redness have a physician check it.

Lump in armpit: May be abscess but that usually is painful, or lipoma- benign or swollen lymph node form regional inflammation, infection ( lung upper thorax) or mass. If persists 1 month you should have it evaluated by doctor with imaging / biopsy to make sure not due to cancer.