After you finish typing select the move tool from the top of the tools pallet.
Then hover your mouse over one of the corner handles untill the cursor changer to two arrows. You can then rotate the text box. Click in the middle of the box to position. Drag the corner squares in and out to scale the text.
Or if your typing in the photoshop elements editor, you can hold down the Ctrl (cmd) key and rotate the text and then release the Ctrl key to continue typing.