One thing that is a concern for the market is the strong dollar, according to Michael Arone, chief investment strategist at State Street Global Advisors.
That's because about 40 percent of S&P 500 earnings come from outside the U.S., and the strength in the greenback will put downward pressure on those earnings, he pointed out.
"Remember the so-called earnings recession just ended in the third quarter. However, it started after the strength in the dollar at the end of 2014 and early 2015 when the Fed promised to raise rates at a more aggressive pace," Arone told "Power Lunch."
He would "enjoy the rally" for the next month, but said after Trump's inauguration near the end of January, there may be some risks. That's when we should find out more about the size, shape and timing of fiscal policy, infrastructure spending and tax reforms.
As for the next 10,000 points on the Dow — expect them to be choppy, said Seth Masters, chief investment officer at AB Bernstein.
"I think we will see Dow 20,000 multiple times, sometimes on the way up, sometimes on the way down," he said on "Power Lunch." "It's the way that usually equities evolve. They don't go up in a straight line."
In 2012, Masters wrote an article called "The Case for Dow 20,000," arguing that the stock market would deliver good returns over the next decade. Back then the market was around 12,000 and he said people were pessimistic.
Now he's anticipating lower returns going forward and more volatility.
However, Masters is optimistic that over the next five years and beyond earnings will grow at a moderate pace because the economy is going to expand at a moderate pace. The problem is the earnings stream will be uncertain, he said.
Therefore, when the next "seeds of doubt" arise and cause a dip in the market, investors should be opportunistic and seize those moments, Masters said.
— CNBC's Fred Imbert contributed to this report.