"Trump wants to move quickly on several key items — Obamacare repeal, tax reform, the Supreme Court nominee, the wall funding and infrastructure. He will have to use the inauguration speech when he has the bully pulpit to make the case these should get done, and they should get done quickly," said Dan Clifton, head of policy research at Strategas. "Congress does not move at a very fast pace. Trump moves, from the business world, at a fast pace."
Clifton said Trump may take aim at China early in his administration, and he will also focus on the North American Free Trade Agreement between the U.S., Mexico and Canada, which he views as unfair.
"Investors have to understand that Donald Trump is going to go after China and he's going to go after Mexico, but for different reasons," said Clifton. "… He's telling you this is a priority of his. He's going to tell you he's getting tougher on China. That could be labeling them a currency manipulation threat. There could be a tariff on Chinese goods. That's the risk to the downside." Clifton said Trump may also move quickly to make individual trade agreements with countries, like Japan.
Besides the inauguration itself, investors will continue to focus on Trump's Cabinet. The confirmation hearing for Steven Mnuchin as Treasury secretary will be closely watched Thursday.
Meanwhile, there is a group of Fed speakers that could get some attention, including Fed Chair Janet Yellen who speaks twice, and answers questions on the economy Wednesday before the Commonwealth Club of San Francisco and Thursday night at Stanford. New York Fed President William Dudley also speaks at a retailing conference Tuesday, and Fed. Gov. Lael Brainard also speaks Tuesday morning.
"It seems like it will have a kind of dovish tint to it. Yellen is speaking a couple of times and Brainard. It felt kind of hawkish this week. I don't know if that's who is speaking or the general feel of the committee now. We'll know that next week," said Amherst Pierpont chief economist Stephen Stanley.
There are also some major earnings ahead, including Morgan Stanley on Tuesday, Citigroup and Goldman Sachs on Wednesday, American Express and IBM on Thursday and General Electric on Friday.
"I don't think people are focusing enough on the fact we have pretty easy earnings comps year over year. Q4 and Q1 were pretty crappy last year," said Dan Veru, Palisade Capital Management's chief investment officer.
He said the market should be buoyed by Trump's inauguration. "Corporate CEOs they just feel like some of the things that were headwinds are going to go away. The risk is those things will take much longer than they think or they don't happen at all. But I don't think it's a risk that they don't happen. It's just how and when," Veru said.
Stanley said he also expects Trump to make some quick moves. "I think what people are mainly going to be focused on in the near term is how aggressive the president is going to be trying to unwind some of the regulatory stuff."
Veru said Trump can spark economic activity immediately just by approving some of the things held up by the Obama administration, such as the TransCanada Keystone XL pipeline.
"The moment the cannons go off, and he's president, he's greenlighting all of those. … It kind of keeps the animal spirits moving. It buys him time," he said.