For me, yes. I'd had terrible weather all week and I had to go about four days without watering my elm because: 1.) It holds water very well, too well... need to fix that next repot and 2.) It was so damp and moist outside all the time that it never dried out.
I try to give my trees a few hours dry so that they can "breathe" especially if I unintentionally overwatered prior.
"Simplicity is the ultimate sophistication." -- Steve Jobs