This paper explores the practice of market-sensing through situated dialogic action research. The paper discusses collaborative encounters with a manager who kept a video diary of his work. Through the analysis of five 'generative moments' that emerged from the market-sensing dialogue between researching-practitioner and practicing-researcher, four distinct bundles of market-sensing practices are identified; sensing, sensemaking, framing and reflecting. Dialogue is found to be central to the entanglement and disentanglement of market-sensing practices and emergent market frames. Dialogue allows the identification and exploration of tensions and conflict in existing and competing market frames. This in turn generates new and innovative ways of framing markets for future action. Thus, situated dialogic market-sensing emerges as an effective way of unearthing and exploring competing market frames and as a mentoring, reflective and reflexive part of market-sensing practice.