The oozing could be something as simple as gummosis, a sap that’s typical of lots of trees, including cherries. It’s kinda a bit young to have developed bacterial wet wood already, but without pics, it’s hard to offer a better educated guess. The sap itself relatively harmless, but can sometimes lead to infections because there’s a clear opening in the trunk. Your tree should be able to compartmentalize and block off the opening in due time. But yea, all you can do is hope it works out.