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Red Thread - protection against enemies, malefica, gossip, evil spirits, afflictions of health. Serves well to overcome enemies, against the evil eye, invite love, luck, joy and auspiciousness.
Blue Thread - protection against evil words, evil eye, healing melancholy, subduing fiery aspects that detriment the person (such as harsh tempers and excessive work), dark blue aids in spirituality and legalities.
Green Thread - in correspondence to my previous posts on the colour green. Darker greens seem to help more strongly with works relating to love and herbal medicine. Mixing it with red thread combines the aspect of Fauna and Flora essentially combining two aspects of the forces of Nature. Aids healers.
Black Thread - good for saturnine spells, wards off malefica, enemies, evil spirits. Bringing good fortune, honours, dominating enemeis and incredibly strong protective spells.
White Thread - protection, blessing, peace, healing. Good in combination to red in spells to remove evil and protect the person against inauspiciousness. Strengthens lunar qualities in the person.
Yellow Thread - I can't help but think of pestillence when I think of Yellow so I would view this as a colour for protection against sickness, bestowing good fortune and healing pestillence. I remember Backwoods Shamanism making reference to the colour yellow being used to petition the spirits related to the sickness to either inflict or leave the person afflicted.