llane1969 - Maybe I'm thinking of this wrong, but I've always viewed an asset allocation as trying to "smooth" out the ride in the market. With your current AA you are in almost all equities with exposure to more growth opportunities. If you believe in the long run growth potential of your emerging markets/small cap/mid cap, then you should re-balance annually so you can pick up more of those shares with the proceeds of the items which went up, but otherwise you are exposing yourself to more volatility and currently lagging the S&P.
If you are looking for a "smoother" ride, then you need to either add some bonds (which could be risky in a rising interest rate environment) or shift more funds to CD ladders or cash equivalents.