Rainy Day was an all-star Paisley Underground band composed of members from other Paisley Underground bands, including Dream Syndicate, The Three O'Clock, Rain Parade and The Bangles.

They began collaborating after meeting at a barbecue held by Green On Red. Rainy Day recorded and released their eponymous, lone compilation album in 1984. It pays tribute to the various psychedelic and folksy rock acts that paved the way for the starting point of their own bands by covering songs, including those by Bob Dylan, The Beach Boys, Buffalo Springfield, Big Star, Velvet Underground, The Who and Jimi Hendrix.