stop reading . Go put 'cool minty listerine' on the area liberally. Yes it will sting for a few seconds.
Now that you are itch free.. can help the next poor soul.
Come back here and VOTE 10.. Some of the other solutions were dangerous and cost a lot more than a bottle of listerine.
There is no bug alive in there. That red dot was the bugs straw. It was drinking your skin.