Position of the sun in the sky unless it's near noon or cloudy.

You look at the stars to see what way is north, I can do to tell a somewhat north direction within 10 to 15 degs.

If it’s during the day watch and use the sun. Put a long stick in the ground so it cast no shadow. Wait 20-min or so and it will have a shadow pointing east.

Or use one of your spare compasses.

Hmm, if I can see the sun and stars, and I'm aware of seasonal variations, then IMO I don't really need an improvised compass for crude navigation, do I?

Not trying to be snarky. I just don't see the utility of it.

Once you know which end is north, you wouldn't need to be able to see the sun/stars.

!

Sock....
First......I have compasses that are EDC. Multiple in fact.....largest one....mil spec/engineer style.
Second....The kit I put it in has no room for anything but this little magnet.....
Third.....The first thought I had (a quick one) was that it could be used for comapss making.
Fourth.....I use it for other things as well......this little magnet is quite strong....unfortunately there is no place to tie into to allow it to do any retrieving......it does hold several sheets of paper on the side of a vehicle quite well, even in a brisk breeze....Not to mention providing entertainment for both of my boys........keeping them busy 'making a compass' (in and of itself) is worth keeping it in the it....
Fifth......this was more of just an example to get people thinking........

BTW to every one else....thanks....I came away with several great ideas......

Using something to float it with works for me. I just now used 20 strokes of the needle, all with the same end of the magnet and all in the same direction, and a small piece of paper.

An alternative to the bowl of water is to suspend the needle from a thread. If you keep a sewing kit in a survival kit, there's not much reason not to magnetise the needles before you leave home; it doesn't make the needle heavier or anything.

I don't think it's very practical in the field, though, as any wind is liable to disturb the needle.

Label the magnet before you leave home. If you stroke the needle from eye to point, using the north-seeking end of the magnet, the point will be south-seeking.

I think. I am confident that if you are consistent the results will be too (else multiple strokes would cancel rather than reinforce), and a test in my kitchen gave the above result (and using the opposite end of the magnet reversed it). However, you should test this at home with your own magnet before relying on it in the field. I was using a tiny unlabelled spacer magnet and I might have reversed it by mistake. I think the theory makes sense this way round but I'd probably think the same if it was the other way around too. Stupid parity.

If you can figure out how to suspend or float the CD-player magnet, you don't need the needle.

In the northern hemisphere, the north-seeking end of the needle should dip down slightly. It'd be jolly difficult to detect this in the field, though. You'd probably have to first find the needle's balance point before it's magnetised.