I hadn't noticed an issue with the colour of the text but I guess this may be more significant depending on the device you are using (and it' settings) and/or the size of screen. I have made a note to review this when we have had more time to evaluate the product.
You need to be logged into see the sprocket ( I called it this because of I couldn't think of a better way to describe the icon).
i have attached a picture. The top arrow indicates the icon. Click in the icon to see the options. The lower arrow indicates "Report this post". Click on the attachment to see a larger version.
Note: Not all of these options will show all of the time but the "Report this post" one will.