GHOSTLY TEXT

Step 1 - Starting Your Text
Ok Open up a new document. A good size would be 500 by 150. Color the
background which ever color you want to. Then make a new layer and call it
Text. After your done grab the Text Tool and write your text with normal font just
like this.

Step 2 - Adding Some Color
You can make the color of the text any color I'll make mine this color F000FF.

 

Step 3 - Creating A Background
Now dupilicate the text layer by right clicking on it in the layers panel and selecting Duplicate. Now make the layer under the top text just  a little bit darker like this. I just moved the texts apart so you see the color differcence but you should keep them on top of one another.

 

Step 4 - Creating the Sweep
Make sure you have the bottom, darker layer selected. Right click on this layer and click 'Resaturize'. Grab the smudge tool from  the tool box. Choose one of the original brushes, about a size 5 soft circle and set the strength to about 85.

Now smudge on the outsides of the darker font slightly and slowly. Make it  look something like this.

 

Step 5 - A Little Blending 

Now click on the original font layer and duplicate it. Select your original font layer (the middle layer now), and smudge this also. Try to blend the two colors out. Now you should have something like this.

 

Step 6 - Finishing Touch
After your done with blending it take the top font layer and put the opicity to about 52%. There it is, your final text and I do hope it looks great.