This tutorial is going to show you how to create text that looks like this:
Note:: I use to be hosted by Iglitter.net
Open a new document and type yout text, From here, go ahead and add your color scheme/effects. When your finished be sure to make a new layer underneath the text layer, then merge them both.
Create a new layer above text layer.
Select your pen tool and click on your ellipse tool. Make sure you have white selected as your color and create an ellipse starting from above you text that finishes in the middle. See below:
Right click on the layer and select 'create clipping mask'.
Finally, lower the opacity to 10% and your done!
If this helped, a link back