When a viscoelastic fluid blob is stretched out into a thin horizontal filament, it sags and falls gradually under its own weight, forming a catenary-like structure that evolves dynamically. If the ends are brought together rapidly after stretching, the falling filament tends to straighten by rising. These two effects are strongly influenced by the elasticity of the fluid and yield qualitatively different behaviours from the case of a purely viscous filament analysed previously (Teichman & Mahadevan, J. Fluid Mech. vol. 478, 2003, p. 71). Starting from the bulk equations for the motion of a viscoelastic fluid, we derive a simplified equation for the dynamics of a viscoelastic filament and analyse this equation in some simple settings to explain our observations.