Use plain white text and a black background. Duplicate the text layer to get two copies.
Click on the Text tool and select Rasterize for rasterizing the first text layer. Select Filter > Blur > Radial Blur. Choose 100% and zoom motion.
Make a new layer in between the two text layers. Change the layer type to colour, and make a gradient with any two colours you like. I chose two shades of blue.
Make a new layer above both the text layers. Control+click on the preserved text layer so that you can get a clean selection. Fill the text with a white - light-blue reflected gradient.
Add a drop shadow to the text by creating another layer below the one you have just created. Fill the selection with a dark version of the colour, position of 2 pixels to the bottom and 2 pixels to the right of your original test position.
Final Image
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