If you believe the incessant media hype, today is the biggest online shopping day of the year. Not true.
Cyber Monday is a fiction created by a flack for the retail industry perpetuated by much of the mainstream media. But it does give the morning shows something to talk about coming off the slow news of Thanksgiving weekend.
Rakesh Agrawal's blog 
BusinessWeek has a good story on the topic: Cyber Monday, Marketing Myth.
According to the executive director of Shop.org, an association created to promote online marketing, “It’s not the biggest day. But it was an opportunity to create some consumer excitement.”