We also got hit this morning with another slight varient of the German stock spam. This time, there isn't any image in the email. I'm guessing this is to avoid programs like FuzzyOCR, which are helping to detect the images in the email.
This simple "trick" is to use the free picture gallery sites to host their images.
The email you receive is a bit like this:
If you do actually click on the link, you get this standard "scrambled" image:
The question is... how do the spammers setup soo many random accounts on these free hosting servers before their spam runs and what can the picture hosting companies do about it?