I would think it's just stomach fluids.
I wouldn't think so, my Niece always brought up clear liquid after a feed, with bits of milk in it. There was nothing ever wrong. It is all clear? and is there alot of it? If it's a while after a feed, she's probably started to digest it, so it won't be milky anymore.
Think of it this way... the stomach is full of hydrochloric acid. It's what starts the digestive process.
This sours the milk as it enters the stomach. Hence the sour smell of burps and spit ups, and the clear/clotty fluid that baby is bringing up. She's apparently bringing up the clear fluid of the sour milk, nad hanging onto the thick clots of milk fat.
Sounds perfectly normal to me!
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