Hmm, I'm not too big on it, to be honest. In my opinion, it looks a little too much like the cover of an Alex Rider book and not enough like a magic logo. There's nothing there that particularly suggests magician, or sideshow act to me. Also, I agree with Frezzing Aces about the background colour, either make it blood red, make it white to emphasize the design or maybe make it darker and go with the mysterious look. Your call. Just not brown.
Keep tweaking and changing and you'll end up with something awesome