Active traders are planning to invest most of their tax refunds in the stock market, according to new data by Charles Schwab.

The latest Charles Schwab Active Trader Sentiment Survey polled 421 individual investors who trade frequently (at least 36 times per year) and found that 51 percent of respondents now consider themselves bullish, the highest level since Schwab first began tracing active trader sentiment in April 2008. This compares to just 25 percent in October 2011. Only 14 percent say they are bearish.

Roughly three-quarters of those expecting a tax refund this year plan on investing at least some of it. More than half of respondents, 53 percent, said they will invest most of their refund into the stock market, nearly doubling last year's number of 28 percent.

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