A fluid is incompressible, and cannot be 'stretched'. A gas (air) can be compressed, or 'stretched' - which means if you prevent air getting in, or make sure there is no air already in the water column, the water in the column cannot escape.
These are found in sealed systems, there is a diaphragm to keep gas and liquid apart, but until gas has fully expanded, water will flow out. How much depends on how big the expansion vessel is.
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