First I am pro MIDD and think this stock will be over $80 in late 2008. This quarter however, has two potential "bumps in the road". 1) its obvious business spending is down and this could very well displace sales from the quarter. 2) The price of steel could effect margins if Mgnt hasnt hedged well enough.
My thinking is, if you are long and have a profit...I would take profit here and look to buy back more shares sometime in Q2 (I recently took a 9 point profit gain and would love to buy back 10 points lower) Selling 2000 shares at 68 and buying it back at 58 will get you 345 more shares. When MIDD flys back to $80, those extra shares are worth an extra $27,600 or an extra 20%.
Just the humble thoughts of a former broker and avid 401k trader.