<p>CNBC 的吉姆·克莱默周三表示，投资者正在目睹市场的剧烈和令人困惑的轮换，昨日的赢家突然失宠，而长期被低估的股票则重新焕发生机。</p>
<p>标普 500 指数周三创下历史新高，表面上凸显了市场的强劲。但在这一头条走势之下，华尔街一些最受欢迎的板块——包括工业股——承压，而软件等领域之前滞后的股票则以戏剧性的方式飙升。</p>
<p>克莱默表示，轮换是 “棘手” 的。他说：“我们不知道为什么股票在这个时期会上涨。”</p>
<p>“它们可能是随机的，也可能令人沮丧，” 他继续解释说，领导地位可能迅速变化，使得很难区分有意义的机会和短暂的波动。</p>
<p>“会有人试图劝你购买那些应该继续低迷的股票，” 他说。</p>
<p>他指出，这种轮换通常是在像最近几周那样强劲的反弹之后发生的。克莱默信任的动量指标——标普振荡器，已经迅速从深度超卖转变为极度超买。克莱默表示，运行振荡器的团队告诉他，历史上，这种剧烈波动通常会被一个消化阶段所跟随，在这个阶段，收益放缓，而不是蒸发。这表明一些资金在行业之间流动，而不是完全离开市场。</p>
<p>“正当市场的领导者降温时，滞后的股票……将会复苏，” 克莱默说。</p>
<p>像 Salesforce 和 ServiceNow 这样的股票，近期因担心像 Anthropic 这样的 AI 模型可能侵蚀其市场份额而承压，周三分别反弹了 3.7% 和 7.3%。</p>
<p>对于投资者，克莱默建议采取更为谨慎的方法。他建议不要追逐最新的赢家，而是削减那些涨得过快的头寸，同时对仅因上涨而跳入某些股票保持谨慎。</p>
<p>克莱默表示，表面下的轮换可能还没有结束，暗示像医疗保健这样的滞后板块可能是下一个资金流入的地方。</p>
<p>“底线是，疯狂的轮换即将发生，” 他说。</p>
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标普 500 指数

标普 500 ETF - SPDR

标普 500 ETF - iShares

标普 500 ETF - Vanguard

<p>CNBC 的吉姆·克莱默建议投资者在波动的市场轮动中谨慎行事，近期表现优异的股票正在失去青睐，而之前表现不佳的股票则正在反弹。他强调了标普 500 指数创下历史新高，但警告称市场轮动可能是随机且令人沮丧的。克莱默建议采取谨慎的策略，削减过度扩张的头寸，并对仅因股票反弹而盲目买入保持警惕。他预计将会有进一步的轮动，医疗等行业可能会吸引投资</p>

<p>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.</p>
<div class="lb-trans"><p>CNBC 的吉姆·克莱默周三表示，投资者正在目睹市场的剧烈和令人困惑的轮换，昨日的赢家突然失宠，而长期被低估的股票则重新焕发生机。</p>
</div><p>The S&amp;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.</p>
<div class="lb-trans"><p>标普 500 指数周三创下历史新高，表面上凸显了市场的强劲。但在这一头条走势之下，华尔街一些最受欢迎的板块——包括工业股——承压，而软件等领域之前滞后的股票则以戏剧性的方式飙升。</p>
</div><p>Rotations are &#34;tricky&#34; to navigate, the &#34;Mad Money&#34; host said. &#34;We don't know why stocks go up in this period.&#34;</p>
<div class="lb-trans"><p>克莱默表示，轮换是 “棘手” 的。他说：“我们不知道为什么股票在这个时期会上涨。”</p>
</div><p>&#34;They can be random and they can be frustrating,&#34; he continued, explaining that leadership can change quickly, making it difficult to distinguish between meaningful opportunities and short-lived moves.</p>
<div class="lb-trans"><p>“它们可能是随机的，也可能令人沮丧，” 他继续解释说，领导地位可能迅速变化，使得很难区分有意义的机会和短暂的波动。</p>
</div><p>&#34;There'll be people who try to urge you to buy down-and-outers that deserve to stay down and out,&#34; he said.</p>
<div class="lb-trans"><p>“会有人试图劝你购买那些应该继续低迷的股票，” 他说。</p>
</div><p>He noted that this kind of rotation often follows a powerful rally like the one seen in recent weeks. Cramer's trusted momentum indicator, the S&amp;P Oscillator, has quickly gone from deeply oversold to extremely overbought. Cramer said the team that runs the Oscillator told him that, historically, such dramatic swings are usually followed by a digestion phase where gains slow, rather than evaporate. That suggests some money is flowing between sectors, not leaving the market all together.</p>
<div class="lb-trans"><p>他指出，这种轮换通常是在像最近几周那样强劲的反弹之后发生的。克莱默信任的动量指标——标普振荡器，已经迅速从深度超卖转变为极度超买。克莱默表示，运行振荡器的团队告诉他，历史上，这种剧烈波动通常会被一个消化阶段所跟随，在这个阶段，收益放缓，而不是蒸发。这表明一些资金在行业之间流动，而不是完全离开市场。</p>
</div><p>&#34;Just as the leaders in the market cool off, the laggards...are going to come alive,&#34; Cramer said.</p>
<div class="lb-trans"><p>“正当市场的领导者降温时，滞后的股票……将会复苏，” 克莱默说。</p>
</div><p>Stocks like Salesforce and ServiceNow, which had been under pressure in recent weeks amid fears that AI models like Anthropic could erode their market share, rebounded sharply on Wednesday, rising 3.7% and 7.3%, respectively.</p>
<div class="lb-trans"><p>像 Salesforce 和 ServiceNow 这样的股票，近期因担心像 Anthropic 这样的 AI 模型可能侵蚀其市场份额而承压，周三分别反弹了 3.7% 和 7.3%。</p>
</div><p>For investors, Cramer suggested a more measured approach. Rather than chasing the latest winners, he recommended trimming positions that have run too far, too fast, while being cautious about jumping into names simply because they are rallying.</p>
<div class="lb-trans"><p>对于投资者，克莱默建议采取更为谨慎的方法。他建议不要追逐最新的赢家，而是削减那些涨得过快的头寸，同时对仅因上涨而跳入某些股票保持谨慎。</p>
</div><p>The rotation beneath the surface also may not be done yet, Cramer said, suggesting a lagging sector like health care could be the next place that sees an influx of money.</p>
<div class="lb-trans"><p>克莱默表示，表面下的轮换可能还没有结束，暗示像医疗保健这样的滞后板块可能是下一个资金流入的地方。</p>
</div><p>&#34;The bottom line is that crazy rotations are about to occur,&#34; he said.</p>
<div class="lb-trans"><p>“底线是，疯狂的轮换即将发生，” 他说。</p>
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</div>

The market is seeing a feverish rotation. Here’s Cramer’s advice on how to play it

- 投资者正目睹市场的剧烈轮动，一些以往的赢家迅速失宠。
- S&P 500 创下历史新高，但部分热门行业承压，软件等滞后股反弹。
- Cramer 建议投资者采取审慎态度，避免盲目追逐涨幅过快的股票。

市场正在经历一场狂热的轮动。以下是克莱默给出的应对建议