When you hover over "Watched Content" it reveals a dropdown.
This is how it appears if you move your cursor away from it:
This is how it appears if you hover over one of the three links:
However, when you hover over the text, "Watched Content", the top section of the dropdown menu disappears and the text becomes black, like so:
In other areas where the menu is similarly constructed, it displays differently:
(Another example is sub-forums dropdown on the forum list.)
This happens on all browsers I tried it on.
I'm sure this has potential not to be a bug, or even to be intended, but I wanted to report it regardless.