CNBC's Jim Cramer parsed Wednesday's action, telling investors why he thinks this market puts even the best investors in a tricky position.

"We have a market that's all over the map, driven not by group moves, but by individual stocks with bizarre narratives that are unlike anything I've ever seen," he said.

According to Cramer, expensive stocks keep heading higher even when they shouldn't, and stocks of solid companies are ignored by Wall Street, even when they post good quarters. Heavily-shorted companies "steamroll the short-sellers" when positive news about business is revealed, he added.

He named Palantir and Arista Networks as stocks that have been propelled higher by short sellers. He called Palantir a "one-of-a-kind juggernaut meme stock that can't be stopp

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