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CNBC’s Jim Cramer said Wednesday that investors are witnessing a sharp and disorienting market rotation, with yesterday’s winners suddenly falling out of favor while long-beaten-down stocks spring back to life.

The S&P 500

closed all-time high on Wednesday, underscoring the market’s strength on the surface. But beneath that headline move, some of Wall Street’s most popular groups — including industrials — came under pressure, while previously lagging stocks in areas like software surged in dramatic fashion.