Very possibly a Tubifera sp forming but there is not enough detail to be certain - the description of 'a red blobby thing' certainly describes the early stage but this image does not show the individual bodies beneath the peridium. With this species its important to see it at this stage and again in 24hrs when it has become brown at maturity - at the mature stage it is generally overlooked as it blends into the substrate so completely. Tubifera is a complex genus with several species which are differentiated by the formation of each individual at its tip, some of which are quite pointed while others are ovate and flattened, and its spores which are variable is size.