OK, so the Yankees are hanging right with the Red Sox (even after last night's loss) and are always buyers at the trade deadline. On ESPNNY, the Yankees' Daily Briefing (a must read for every Yankee fan; it goes up in the wee hours and usually leads the ESPNNY Yankees blog until a few hours before game time) asked here and here about what the Yankees should do regarding third base and the rotation. I think it's fairly simple - they should do nothing major.
The Yankees best work is done between November and March regarding acquiring talent. There's no reason to overpay for a player in July when you're already expected to be in the playoffs in some form (Baseball Prospectus has the Yankees at 93.8% after last nights loss), and with the playoffs being baseball's version of a crapshoot it makes no sense to try to acquire that which the Yankees likely already have in their system. The bullpen is about to become crowded again when Soriano returns, the rotation has Nova backing it up (although Colon and Garcia could turn into pumpkins any minute now), and A-Rod is only out for another 3-5 weeks.
If Cashman can trade for a piece without giving up much of the farm (and without letting Levine negotiate), then he should do so. The Yankees need a lefty bullpen guy besides Boone Logan to matchup with in the playoffs and possibly a backup infielder that can actually field his position (sorry Nunie, but you need "seasoning"). There's no reason to acquire a front-line starter because of the nature of the playoffs - one win in the standings before October will mean nothing once the playoffs start.
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