Elves are used to describe the technical analysts that are guests of the PBS show Wall Street Week. The job of these technical analysts is to try to tell the viewers their predictions and trends of the stock market.
The elves index was the index Wall Street Week used to predict stock market trends. The elves index was the successor of the Wall Street Week Index. The Wall Street Index was used by the show to predict the future of the stock market. Over time it became known as an index that gave an accurate estimate of the stock market. The index was retired after its creator, Mr. Nurdock, resigned from the show. The index had indicators made up of personal opinions of 10 market analysts about the path of the stock market for the upcoming three months. The index gained popularity for its inability to accurately predict the market. The market always took the opposite position of the index's recommendation. The show and its host Louis Ruckeyser retired the index after its post 9/11 prediction.
Read more about the elves, and other festive terms, in our related article The Frosty, Festive World Of Investing.
This question was answered by Chizoba Morah.