Create a new image on a white background.

Get the brush tool and set the brush at a 21 pixel diameter and a 100% hardness.

Now, with the brush, create random lines, up, down, in all directions.

Next click on FILTER-> DISTROT-> POLAR CORDINATE, and tick the 'Polar to Rectangluar' option and press ok.

Now click on FILTER-> STRETCH-> CHROME.
Use settings:

Chrome
Detail=0
Smoothness=10

Thats it for the main effect, what you can do is change its color a bit by clicking Image - Adjust - Hue/Saturation and moving the sliders so you get something you like.

Play around with it till you get what you like.

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