I traded this spread twice. First as part of a 1645/1650/1880/1885 Iron Condor. I closed it when it hit 75% of its max profit. Then the market had a year end rebound and I entered the position again for 0.50 credit in this case.
I decided to close it for 0.40 debit (a small 0.10 profit). It is January and we are barely less than 3% away from the 1880 level. Considering the historical bullishness of January, I decided to just take it easy and almost guarantee a solid start to the year.
With this position closed, there are two positions left in the January monthly expiration cycle:
SPX 1645/1650 Bull Put Spread $80 credit and no concerns at all.
RUT 990/995 Bull Put Spread $120 credit and also no threats at all.
I don't really like having two positions on the same side of the market, let alone three! Which is the case right now when considering the February RUT 1040/1045 Bull Put Spread.
So, I have 3 Bull Put spreads now, 2 in January and 1 in February. But I'm fine with it because those two positions in January are way out of the money and will expire in just 2 weeks.
Check out 2014 Track Record