A text reflection is a much used thing to do in photoshop, and I have been asked alot on how to do it.
Here is how:

1. Open a document or whatever you want the reflected text on. To show an example I make a document with a black background with a size of 300*200.

2. Write whatever you want to be reflected.

3. Now duplicate the text-layer.

4. You have to flip the duplicated text now. Go edit > transform > flip vertical

5. It will now appear like this:

6. You now have to drag the duplicated layer abit down, use the move tool. Click it or click " V " on your keyboard.
Just drag it down abit so it will look like this:

7. Next, you have to "Rasterize the Type". You do that by rightclicking the duplicated layer and choose Rasterize Type.

8. By rasterizing the type you make the text "cuttable". What you now have to do is to change the opacity of the text to about 50%.

9. You are now about to finish everything. Click the "Elleptical marquee tool". This is not a "main tool", but you have to rightclick the Rectangual marquee tool and choose the Elleptial one looking like a circle.

10. Set the feather to 10.


And mark the bottom of the text > Click delete.

You are now done !
Here's the result: