There's a new stock spammer on the block, sending embedded image spams in enormous volume. As usual, the images are slightly modified for each run so that the encoded image doesn't present a filterable string. The spammer began by posting ads for SHCM.PK but has now settled on KMAG.PK.

Another previously-mentioned spammer is also still busy. Lately, a few of the spams have contained subject lines that mention VNBL.OB, while the body continues to contain the same random text. I don't know if this is part of the filter-poisoning effort or if it is the actual payload of the spam run. The goal could have been to thoroughly poison any filters first - to ensure that the spams would reach user's inboxes - and then display the name of the stock advertised in the subject. It might be a workable strategy; stock spam depends on getting the symbol of the stock advertised in front of potential buyers and while a subject-only spam would probably be the most minimal stock spam ever, there might just be a few traders who'd be dumb enough to fall for it.

I occasionally get mail from people who do buy spammed stocks (one got quite angry with me when I pointed out all the reasons why it wasn't a very good idea: he really wanted to believe that he'd found a bargain that was going to make him rich). Such people are the 'fish' of the stock trading world and the fact that stock spam continues suggests that they exist in large enough numbers to make stock spamming at least marginally profitable. Maybe some of them would even buy a stock based simply on a subject line that promised it was going to 'explode'. If so, it's difficult to imagine how much less the spammer could do to get them hooked: I look forward to the day that spammers send out spams that consist solely of the subject 'BUY' followed by the symbol of a stock. If that works, we will have the final measure of just how stupid some people are.