It's a combination of devensive evasiveness and / or speed and accuracy in attack combined with naturally fluent movement that makes efficient use of space and momentum. Pernell Whitaker and Floyd Mayweather are obviously good examples of being defensively slick but I think you can also be slick offensively as well, good examples of this are Roman Gonzalez and Sugar Ray Leonard.
Slickness refers to defense. "I can't hit him, he's too slick."
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