Step 1. Create a New File with any dimensions to your likings. (P.S. There will be no Action Script work and therefor this effect can be done on any versions of the later Flash softwares.)
Step 2. Go to Insert-Symbol (Ctrl+F8). Name the new symbol anything you like but I have name mine text (so original eh?) and then check the Graphic box.
Step 3. You will enter and blank stage where you will type in your desired text like so. You may also wish to customize the text around to create your own originality.
Step 4. Now that you have finished with creating your text, click on Scene 1 to get back to your main scene.
Step 5. Open up your library (Ctrl+L) and drag the Graphic symbol you just created onto the stage. Then, in the 15th frame or so (can be adjusted to you own liking of how fast the text should spin) add a Keyframe (F6).
Step 6. Go back to Frame 1 and with the Graphic still selected, press on the Free Transform Tool (Q)
Step 7. Move the white dot in the middle to the top like so:
Step 8. Adjust the Graphics's Alpha to 5%.
Step 9. Then reduce the image's height only until so:
Step 10. In between the 1st and 15th frame, right click - Create Motion Tween
Step 11. Create a New Layer and repeat the same steps from 5~10. However it's been reverse so that Frame 1 would have Alpha of 100% whereas Frame 15 will have Alpha of 5%.
Important Note: When dragging the Graphic onto your 2nd layer, it should overlap exactly on top of where the Graphic (text) of layer one in the 15th frame was. To do this, select the Graphic and move it using the arrows on your keyboard.
To see if you're following this tutorial correctly, please see the following images:
This should be how Frame 1 should look like with the visible text and the invisible text slightly above it. (They are placed in different layers)
This should be how Frame 15 (or 16 in my case) should look like with the invisible text below the normal text. The extra empty frames at the end is optional if you want the text to stop for a while before tuning again.
The final result:
More Flash & Swish: 
