From debugging the program I only know that before clicking a link a set of known data isn't in memory (confirmed by memory search) and after clicking it the data is in memory (all the time a different location).

How can I find the code that generates this data?

One of the major problems (which might be important to know) is that it is a .net-Program (which I can't analyze with Reflector because it is obfuscated). So I'm analyzing the assembly generated by .NET (in Olly / Immunity / IDA).

Instruction Tracing or stepping through the code after the click isn't possible because .NET generates to much code to do it in acceptable time.