Hogan said the market will now turn its attention to what Trump will do immediately through executive order.
"If you were geared up to buy the election and sell the inauguration, you're disappointed. Now we start to focus on whatthe first 100 days look like," said Hogan.
The inaugural speech had been built up by some traders as a possible pivot point for the market. There was a view that the inaugural address would be an event that could prompt selling, but the reaction was relatively muted. The question is whether Trump, as president, can reignite market rally going by taking swift action.
Stocks were higher ahead of the noon swearing in of President Trump. The Dow was up about 100 points, just as he started speaking. During the speech, the Dow cut its gains in half, waffled a bit, and then recovered much of its losses.
"I keep wondering what the multiple should be. Should we still trade 17-18 times earnings now that we have a potentially protectionist president, and we have rising rates? The Fed is raising rates. This is a different moment now, and we're not sure what we're going to get. We had a powerful rally that priced in a lot of optimism," Boockvar said.
BlackRock chief equity strategist Kate Moore said she thought the president's message was downbeat on the U.S. economy, which is doing much better than portrayed with corporate profits recovering and near full employment.
"It was not perhaps the most optimistic presidential speech I've heard," she said. "I think the real key is how Trump and his cabinet pivot to be truly forward looking instead of just criticizing what has and hasn't happened, and perceived weakness in the U.S. economy. The market is not responding one way or the other. It's very much in wait and see mode." She said Trump did send the markets an important message earlier in the week he said in an interview that he thought he dollar was too strong.
Boockvar said the market will now look for more action from the White House on things like deregulation, tax reform, and stimulus spending to support the gains stocks have made.
"I think we're back in this chop-fest that we've been in since December. Now that he's president, people want to see details. They want to see details of tax policies. The rhetoric now has to turn into realty. It all begins now," Boockvar said. "This is the same market we've had for six weeks now. The trump rally essentially ended in the middle of December."