Reading the Tea Leaves and Reading the Wires

Sometimes you can learn a lot just by reading the wires.

Take today, for example. There was a bunch of small stories that, when pulled together, paint a pretty good picture of where the stock market is and where it may be headed. They make for more significant reading for investors than a dozen Wall Street research reports.

Let's look at the details of today's news mosaic:

Telecom service provider ICG Communications (ICGX Quote) filed for Chapter 11 bankruptcy. A total doughnut for stockholders who bought this baby at $32.25 back in late March. No surprise now, but it's still notable. ...