Alakazam psycho cut or confusion??

Psycho cut

Psycho Cut is much faster. If you dodge, it is more flexible. Alakazam is a glass cannon, so dodging is highly recommended.

Confusion is stronger. If you don't dodge, damage with Confusion is better.

Alakazam is a bad defender. If you use him to defend anyhow, Confusion is much better.

Psycho cut

Psycho Cut: lower dps, higher eps
Confusion: higher dps, lower eps

For Alakazam, as a glass canon, you would want to end things faster, a quick move with higher eps is better.

Pc ....no contest.
If the mon was more robust it may be a more difficult decision, but with a glass canon you want Pc.

I have C/Fs and prefer to stick with Pc/P until I get Pc/Fs.
Don't get me wrong C/Fs does make the lineup sometimes, and hits like a truck...but it misses a dodge every now and then, and ends up on the bench again for a while.