Hover Shadow Action.
TUTORIAL : http://www.youtube.com/watch?v=7NbiSPkxOYQ
This action automatically creates a soft shadow with perspective which gives the illusion that your object is floating. The shadow blends seamlessly from black to your background color, and because it is transparent you can save out a PNG file of the shadow.
The action creates a separate shadow layer which you can move up and down to set the desired length, *you can also adjust the amount of blur.
The action works on any graphic including text. Watch the tutorial on how to adjust the amount of blur, and adjust the perspective of the shadow!
NOTE : If you use the action on a very small graphic then the shadow might blur out so much that it may become invisible, this is only because of the default blur level, simply double click on the “Gaussion Blur” layer and drag the slider left and harden the shadow