This tutorial will show you step by step how to create a reflection effect on a piece of text. The same technique can be applied to other things such as images too.
First off, type the text you want in the style you want. For the purposes of this tutorial a simple "stefashwell.com" will do for me.
Next, duplicate the text layer you just created.
With this new layer selected, go to Edit > Transform > Flip Vertical
Now move the layer down so it is underneath the original text.
Double click the text layer to bring up the Layer Style panel. From the options on the left choose Gradient Fill.
Click on the box showing the gradient to bring up the panel below. In this panel choose one of the small boxes at either end of the gradient display and select the same colour as your text (blue in my case). Choose the small box at the other end and make it the same colour as your background (white in my case). Then click OK.
If, like me, the gradient now appears the wrong way round, click the Reverse box.
Finally make the reflection layer around 25% opacity. The result is shown below.
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