A new service from Collective Intellect will make traders' work a little easier, scanning thousands of blogs and forums for financial information and rumors useful to Wall Street.

Collective Intellect has created a service that scans thousands of blogs, news sites, chat rooms and other websites every day and then lists the items, rumors and news reports that might be of interest to traders or corporate public relations executives, CNET reports. Collective Intellect hopes to give traders access to information ahead of the general public, similar to the advantage they enjoyed in the '80s and '90s. The company will attempt to identity sources that actually break news rather than merely repost.

Collective Intellect's system analyzes around 150,000 postings a day, rating them based on sentiment and credibility, judging the impact each is having on the market and individual stocks. The results are sent ouit via feeds and emails to subscribers.

The value that the system ostensibly brings is information relevant to traders, removing the need for them to wade through hundreds of thousands of posts to find hidden gems of information.