This is such a good topic for discussion that has come after a long time. My thinking on this is as follows:

1. Do you think this is a healthy pulback?: Quite agree with this. A pullback was essential though the market has been choppy after trump has come in. Every fortnight we have seen at least one pullback due to political machinations. In that context, this is not unexpected & in a way helps to remove the froth.

2. Do you agree with Powell that U.S. equities are overvalued?: certainly some areas and some counters certainly seem over valued. For example, we saw the mad spurt in $Lithium Americas Corp.(LAC)$ . Agree that there is a positive (?) move with the govt iintervention but is is really justifying the  almost 100% jump in this counter? Only time will tell but, for now, it looks like hugely overvalued for me.

3. Can upcoming earnings season justify the current lofty valuations?: I think no one knows. But there seems to be a speculative sheen all around in general. 

1. Would you choose to take some profits or fully hedge your portfolio?: I would opt for a blend - boom partial or even full profits in counters that appear overpriced for me & reenter later when there is a steeper correction. In others, I would perhaps add positions making use of the current fall. Above all, I would want to utilise the dip to do some active rebalancing of the portfolio.