A design for a single-walled carbon nanotube (SWCNT) nanocompass will be presented. The operating principle exploits the sensitivity of SWCNT electrical properties to strain. The sensor design resembles classical compass with electronic readout. The sensor consists of a magnetically responsive, high aspect-ratio Fe component suspended on a free-standing mat of electrically contacted SWCNTs. During operation, torque on the Fe needle will transduce ambient magnetic field strength into an electronic signal. We will discuss fabrication of the magnetometer and preliminary data as well as magnetic field- and temperature-dependence of electron transport measurements and sensitivity calculations.