Part one:
Open photoshop, I sat up my workspace at 800 by 600. I used the same background color as my web page; you can use any color you want. Click on the Horizontal Type Tool (T) and type something in your workspace. I typed Pixel Apex.

Part two:
Duplicate the text layer, so now you have two text layers one is the original and the other is a copy. Using the Chop Tool right click on the text and click Free Transform

When you click Free Transform, the menu below will come up in the task bar. Change the H 100% to -100% this will flip the text over.

Position the text to get the effect below.

Now we can add the reflection, Right click on the flipped text layer and click Blending Option. In doing this you will see the window below. Click on Gradient Overly and add the setting.

If you double click on the gradient bar, you will get the screen below.

Gradient bar

If you look at the gradient bar, on the right hand side, you can double click on the white color stop, you can change that to the color of you site so the text can disappears into the page.