That's what I was thinking. Oil, or maybe water... maybe even solvent from cleaning the gun? What type of filter do you have between the compressor and gun.
If you clean the gun with laquer thinner between gloss and satin applications, make sure you run the gun with nothing but air going through it for a bit to rid it of solvent, and then when the finish canister is put on the gun, spray some finish out into the air for several seconds to further purge the gun of any solvents. Then lay finish down on the bow.