Turbo 350? if so it can be that it is over full or sometimes the gears that are in the tranny that sling the tranny fluid up will get bent or worn and will sling oil to the wrong spots and that will cause your gears to get hot and expand and that can cause it to shoot oil up your dip stick
Check cooler lines for pinched or blocked causing internal backup of fluid pressure...does it shift/drive ok? cold and warm?...did you recently service it (trans) or ?....
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is it out the hole where the dipstick goes or the tube itself? joe
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