Maybe he was just perfecting his card-to-spectator's-wallet ? But unless he was planning to show you a magic trick afterwards, I'm affraid his attempt to pickpocket you has nothing to do with magic, at least the way you presented it.
I wear my wallet on a chain, and I'm OCD, so I check all of my pockets everytime I stand up.
I was much more shocked than anything as I should have been more careful. He was the perfect description of a pick pocketer. Even down to the newspaper in his hand.Hmm.. Well I woulda turned around and punched the guy in the face or something. But I have a super short temper and no tollerance for that kind of stuff soooo... lol...