Do you still have:
spellsnew.edd
spellsnew.eff
in your folder?
Some servers ask you to delete them, but doing so iirc, causes weird issues like that.
In addition to that, not having the correct spells_us.txt file will contribute to having no spell graphics from the hand.
If you still have issues, I'd suggest downloading:
EQEmu Launcher from
http://moestaverne.com/
This will automatically get the correct files, and assure they're in the right directories.
Hope it works for you =)