21 Years Old Looking to Open IRA

Hey guys I am 21 and was planning on opening up an IRA in the next few months with a few thousand. I was considering either buying an index fund (S&P or DOW) and was also looking at the Windsor fund from Vanguard. Do you guys see these as solid options or is there something else I should be looking at?

This money will be sitting here for 40 years most likely but do you think it would be best to wait around 6 months or get in sooner. Also this is extra cash that I will not be needed anytime soon. Thanks for any help.

Who the hell knows.  All you can say for sure is it's better than any time in the LAST 5 years.  Go for it.

dollar cost average month over month

do not go all in at anytime into anything

The only advice I could give in this situation, is to stay away from the retailers.  Make no mistake, this is going to be the worst Christmas in a while.  Next year will be better, but this holiday season is were we will get a better idea about the economy.  If anything consider shorting the retails.  I think BBY, will have the same fate as Circuit City.