Tiny Baetis mayflies are perhaps the most commonly encountered and imitated by anglers on all American trout streams due to their great abundance, widespread distribution, and trout-friendly emergence habits.
I like the Veevus 14/0 and 16/0 for parachutes as I tie off underneath the hackles on the post, and the thin diameter allows for very little build up while the strength keeps me from breaking the thread when applying pressure to tighten the whip finish. Just bought some Semperfli, and will try it for parachutes soon, though gel spun threads can be slippery and this may require an extra wrap or two on the whip finish. I also like the Veevus for tiny flies such as Tricos or midges. For other flies I use whatever I have that seems to fit the bill, mostly Uni-thread.