Some investors switch their baskets from one market to the other, depending on which is the cheaper of the two.

That gap is one reason many investors have switched their holdings from dollars to euros.

But there is evidence that investors are switching from dollars to euros.

Several analysts said yesterday that investors might be switching into what they viewed as cheaper media stocks.

One is that investors may be switching their views on Federal Reserve interest rate policy.

As a result, many investors may switch their focus to how much higher interest rates might go rather than how much lower.

Analysts said higher interest rates made investors switch from stocks to Government bonds and certificates.

If so, it would take poor performance over a sustained period to persuade investors to switch.

Many fund companies let investors switch among the stock, bond and money market funds in their group by telephone.

Many fund families allow investors to switch money among funds over the Internet.