Stanley said he will be most interested in the views of the Federal Open Market Committee members on the changes in the actual language change in the statement.
"For me, I think the most interesting potential news item in the minutes will be the recap of the discussion of the changes in forward guidance," he said. "I'm interested to see if there was any dissent or varying opinions about the lower for longer statement ... was there a contingent of folks that were uncomfortable with the piece of the statement that said they would keep rates well below normal for a long time even after they start to raise them?"
The Fed dropped part of its statement that linked raising rates to an unemployment threshold of 6.5 percent. Unemployment was at 6.7 percent in March.
The minutes have been known to move markets even when they really provide little new information. The Dow closed off about a half percent after the release of both the December and January minutes. "The doves kind of run the show down there, so the statement is more reflective of that point of view, but the minutes are careful to present everyone's views," Stanley said.
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Stocks rose slightly Tuesday, with the Dow gaining 10 to 16,256 and the S&P 500 up 6 at 1,851. The Nasdaq, which has been leading the recent rout, rose 33 points or 0.8 percent, to 4,112.
The momentum stocks that have been pounded in recent weeks attracted buyers. Social media and Internet stocks moved higher, but biotech lagged. The IBB Nasdaq Biotech ETF was down 0.4 percent, while Global X Social Media Index ETF SOCL rose more than 2 percent, and the First Trust Dow Jones Internet ETF FDN gained 1. 8 percent. SOCL is still down nearly 18 percent in the past month, and the FDN is off 12 percent.
A big winner during the shakeout in momentum stocks has been the emerging markets. The iShares MSCI Emerging Markets ETF EEM was up more than 1.1 percent Tuesday and is up 6.2 percent in the past month. Some individual markets have been even hotter. For instance, the iShares MSCI Brazil Capped ETF is up 17 percent in the same period, but it fell in active trading Tuesday.
Wells Fargo Advisors' chief international strategist, Paul Christopher, has been warning investors to be cautious on emerging markets and commodities. The markets that have benefited have been among the riskiest, he said.