Download pics does not. Save & reopen

Here is a strange one. Running Outlook 2003 SP2 (have even reinstalled). When I open a message from a non-trusted domain, Outlook does its job and does not download the pictures; however, if I select download pictures from the security bar, nothing happens. Well actually the security bar goes away, but the pictures are not displayed. If I then save the message and then reopen, the pictures are displayed.

This does not happen to email from trusted domains. The pictures are downloaded and displayed when the email is opened.