For any colour to be visible you need light. Early morning and late evening you dealing with low-light intensity, more so if its overcast at that time. Then size, contrast and vibration come into play. Water colour/condition will influence light penetration as well.
I find that fishing shallow, close to or on the surface at such times works. Its where your lure will be most visible as the light still penetrates shallow. Contrast of the lure in the water is important , you want it to stand out, like a silhouette. So choose a colour that shows good contrast to the current water colour.
Hope I making sense.