Look for a lot of redness around the area...but the yellowish stuff you see is pretty normal (usu. what's called "crusties"). Crusties look almost like dried boogers (mmmm, PRETTY), but are pretty common -- just be sure to clean them off your ear and piercing -- and keep that ear TOTALLY CLEAN!! Don't fool around with it if you haven't washed your hands etc...
Yea, the clear/white stuff that comes out is fine, just squeeze it out and clean the piercing afterwards.
Also, make sure that you're using something you're not allergic to, that can cause infections. I found out the not-fun way that i'm allergic to most metals.. yay surgical steel and gold!