Change or rotate text every x seconds with effect

Change or rotate text every x seconds with effect

I'm trying to put rotating text on my site similar to this:
http://timothee-roussilhe.com/ - where it says i like: (the rotating or
flipping text box)
I found this simple code and it's doing what I want except the effect:
<div id="changeText" ></div>
<script type="text/javascript">
var text = ["Welcome", "Hi", "Sup dude"];
var counter = 0;
var elem = document.getElementById("changeText");
setInterval(change, 1000);
function change() {
elem.innerHTML = text[counter];
counter++;
if(counter >= text.length) { counter = 0; }
}
</script>
How do I add an effect in-between the text changing like a fade or flip in
the site above? Any help would be awesome. Thanks in advance :)