Last week’s Sentiment Survey special question asked AAII members what percentage gain or loss the S&P 500 will realize in 2015. Respondents were modestly optimistic. Nearly 60% expected a gain of no more than 10%. More than a third of all respondents (36.3%) said the large-cap stock index would end 2015 up between 5% and 10%, and slightly less than a quarter of respondents (22.3%) expected a rise of 5% or less. About 20% of respondents expected the S&P 500 to rise by double-digits again, though the majority of these individual investors projected gains between 10% and 15%. Just 16% of respondents expected a decline, with 7% of all respondents calling for a decline of 5% or less and 9% anticipating a loss in excess of 5%.