How about president's day, if anything the clothing sales are quite good on that day since retailers want to get rid of inventory they did not sell over the holidays.
Like others said retailers are not dropping prices RIGHT after Xmas since everyone is gonna use up their gift cards then. The stores here don't even drop Xmas candy and food until well after Xmas, a trend that isn't working because all its doing is postponing the sale of these items, no one is buying them because they want 50% off not 30% off. However they will be dropping prices eventually on unsold merchandise, it may just happen later. The smart shopper will hold onto the gift cards to use later in the winter when prices actually drop.
The early sales have been very good this year, I got a DSi for $119, a price I have not seen since (except for Target's $113 DSi which was impossible to get at least for me). Retailers are obviously targeting those who shop last minute for Xmas with higher prices, here is an article about that:
http://consumerist.com/2010/12/walmart-jacks-up-toy-prices-just-in-time-for-the-holidays.html
I don't think we are going to see a $119 DSi anytime soon again, unless it drops in price when the 3DS comes out, but the DS lite hasn't even formally dropped in price yet so that may not happen.
The clearances at my Target are pathetic and Walmart clearance is non existent here, its getting hard to even find some suitable toys for the toy donation drives at reasonable prices. Target just isn't dropping clearance prices like it used to. I buy toys at the end of the year then I put them away so I can give a donation to Toys for Tots the next year.
Retailers are also lowering the amounts of stuff they order here, so instead of having a ton of toy leftovers, they are only ordering enough so that the items sell out just in time, which means less on clearance.
I remember there were always some really awesome clearances on video games and toys after Xmas but it just isn't happening anymore, that and more people here are snatching the clearance merchandise because OMG its 10% off IT'S ON SALE!!!! Then you have El hoardo who buys up everything regardless of its ebay value, leaving the store with no clearance which is probably exactly what the store wants.