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Yes, this is normal. These are umbrella style seals. They fit snug on the stem and when the valve opens the first time they are pushed up towards the top of the stem where they stay. They travel up and down with the stem as the valve opens and closes acting more like a deflector rather than a true seal.
Mike's exactly right, umbrella style seals are not really seals in the true sense of the word, they work by redirecting the dripping oil off the valve stem away from the guide hence the term umbrella.