ARP Stud Issue

[coon smile]

last night I was under the hood an noticed that there was a "watery" substance bubbling out b/n the top of ARP head stud and nut...i cant remember the exact stud off the top of my head without looking at the engine, but it was one that was outside the valve cover on the passenger side near cylinder 3 or 4...cant determine if it was oily water or oil itself. It was black in appearance but not viscous like oil.

studs were out this past fall (installed oringed head) and not bottom tapped...they have been retorqued 3 times EA to 140ft-lbs

i know of atleast one person that has experienced this before but went away after another retorque...

should i be concerned? what causes this? how can this be fixed?

thanks

kyle