Shiny Tip
Go to Layer > New > Layer via Cut. Rename the new layer as "Tip". Go to Image > Adjustments > Hue/Saturation and set Saturation to -100. Double click the Gradient Overlay style of the "Tip" layer and change Opacity to 85%. Create a new layer above the "Tip" layer and name it "Tip Light". Get the Polygonal Lasso Tool and make a selection like in the below image, fill it with White and deselect by hitting Command + D. Alt-click on the line between "Tip" and "Tip Light" layers to mask the "Tip Light" layer. Make sure "Tip Light" layer is selected, go to Filter > Blur > Gaussian Blur and apply with a Raidus of 1 pixel. Hit Command+E to merge both Tip layers. Now you can move the tip one pixel left to avoid the space between "Cone" and "Tip" layers.

Create the Lead
Create a new layer above "Top" layer and name it "Lead". Get the Elliptical Marquee Tool and make a circular selection like in the below image. Fill the selection with 85% grey. Deselect and place the black circle on the hexagon. Hit Command+T and set Horizontal Scale at 40% and apply. Go to Edit > Transform > Skew and set Vertical Skew to 25 degrees and apply. Now place the dot as shown in the below image.

Some Style
Select the "Top" layer in the layers Palette and apply a Gradient Overlay layer style with these settings: Blend Mode => Overlay, Opacity => 25%, Gradient => Black, White, Angle => -90, Scale => 120%.

Some Detail
Command-click hte "Body" layer thumbnail to load the selection, Move the selection 2 pixels left. Go to Select > Inverse. Make sure "Body" layer is selected, hit Command+U and bring Lightness down to -10 and deselect. This will give us a darker contour.

Every Pencil Needs Some Text
Get the Horizontal Type Tool and type "Awesome". Hit Command+T and rotate the text 180 degrees. Now apply a Inner Shadow layer style using these settings: Blend Mode => Multiply, Color => #7c522a, Opacity => 100%, Angle => -45, Distance => 1px, Size => 1px.

Stand Up!
Now we’re almost done. Select all layers except the "Background", merge them and name the merged layer "Pencil". Hit Command+T and rotate the pencil 135 degrees. Apply a Gradient Overlay Layer Style using these settings: Blend Mode => Overlay, Opacity => 30%, Gradient => Black, White, Angle => 90.

Create the Reflection
Duplicate the "Pencil" layer and name it "Reflection", drag it under the "Pencil" layer in the Layers Palette. Mirror the reflection by going to Edit > Transform > Flip Vertical. Place the reflection down to the pencil as in the below image. Apply a Layer Mask and fill the mask with a white to black gradient.

Double Reflection On Glass
Duplicate the "Refleciton" layer and move it 3 or 4 pixels down to achieve the double glass reflection effect.

Create the Shadow
Create a new layer below the "Pencil" layer and name it "Shadow. Command-click the "Pencil" layer thumbnail to load the selection. Fill the selection with black. Go to Edit > Transform > Skew and skew the shadow as in the below image. then hit Command+T, grab the top middle handle and drag it down as shown in the image below. Go to Filter > Blur > Gaussian Blur and apply with a Radius of 12 pixels. Now create a Layer Mask for the "Shadow" layer and fill it with a white to black gradient.

Congratulations
Now get the Graident Tool, set Foreground Color to light blue and Background Color to white. Fill the "Background" layer with the gradient. And that’s it. You have a short pencil at the end of a long tutorial. Hope you liked it, learned something new and had fun.