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PTJ was very short term in what he traded back when he made that comment. However, there's always a sense of having read the tape to understand how the market is acting at the moment. Does it grind up no matter what? What sectors are reacting together? Does it shrug off news easily?
In the book hedge fund wizards by jack schwager, he interviews a lot of macro fund managers and a lot of them read the tape
EDIT
Steve Cohen's tape reading skills clearly provided him additional 'insight': http://dealbook.nytimes.com/2011/02/15/sac-capitals-cohen-opens-up/
@ Macro Easssyyyy thereeee Shinzo Abe
But i do agree, fuck tape reading
@Packmate,
I've read HFMW and the only tape reader i can think of was the prop trader.... is there anyone i'm missing?
Ahh yes I know what you mean. Yes he is definitely the only "pure" tape reader in that book, but a lot of the macro managers also refer to how they like to work positions based on how the price action is moving and I consider that tape reading
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