Cartoony Commercial Text Effect

Step 1: Create a new file:

Step 2: Press T, use the type tool type words.

Step 3: Create a new layer, arrange layers as following picture.

Step 4: Press U, use the ellipse tool draw different circles.

Step 5: Select the words and change their color to white.

Ctrl+U open the Hue/Saturation window to get the color you want.

Step6: Select the white part and then select inverse.

Step 7A: Press G, use the Gradient tool. Set as following picture.

Press shift, first draw from top to the middle, then draw from bottom to the middle.

Setting:

Result:

Step 7B: Double click on layer1 to open layer style window. Set it as following picture.

Step 8: Go to "tu-torial" layer, Ctrl+J to copy this layer. Rasterizing layer, "tu-torial".

Step 9: Double click on the "tu-torial copy" layer, open thelayer style window. Set as following picture.

Step 10: Set those two layers as following picture.

Result: