the phrase ‘this magic moment’ recurs throughout elvis costello's ‘it’s time' (1996). an allusion to pop history – the drifter's ‘this magic moment’ (1960) – is thus used in the service of a fatalistic narrative that manages to evoke both the ‘revenge and guilt’ famously associated with costello's early career and the early 1960's romanticism of brill building pop. the musical ‘magic moment’ of the song arrives in a ringing e major chord at the end of the chorus, played in open position on the electric guitar. the use of this e major chord references another line of pop music history, one that stretches back to the formation of ‘folk-rock’ in the mid-1960s. this paper serves as an example of how one song creates a series of magic moments that resonate densely with simultaneous histories.