What is it?

[75glreef]

I have a Picasso clown that has had a what apperas to be some type of fungus come up. It is on her right side just behind the gill and above the pectoral fin. To me it looks like a small ball of cotton. I noticed it for the first time last night and it seems to have grown already today. I will try to get some pic's up tonight when I get home. I have not noticed it on any other fish. I added a yellow goby about a week ago but it was from a club members tank and has no signs of this or anything else. I did have a purple firefish goby that has gone missing within the last few days. The Picasso is eating, breathing, and acting normal. All help and ideas are appreciated.

 

[75glreef]

Ok it fell off this afternoon and there is a second one coming up under the pectoral fin. The third picture is after it fell off you can see how red it got. The last picture was when it was at the largest. I have had these guys for several months with no problems.
http://s337.photobucket.com/albums/n379/75glreef/