401k rollover to Vanguard Traditional IRA

[scooty006]

Hello, I'm new to MMM and it's changed the way I look at a lot of things now in a good way of course.  I'm 32 so that may apply to my question below.

Here's my situation:  Back in June 2012 I rolled my old employer 401k with a $61,000 balance to a Vanguard Traditional IRA (to avoid a taxable event) after doing some research on it.  I put the money in a money market fund because I was not sure about the particular investment for the long run.  In hindsight I wish I would have just put all the money in the VTIVX target date fund and let it ride but i didn't.  By watching the news and letting fear get the best of me I was afraid of another market crash so I clammed up and didn't do anything and left it in the money market fund.  With the stock market sitting near all time high levels now I'm afraid to go back into stocks completely.  In the past 4 months I've managed to "exchange" $5078 out of the money market and into the VTIVX fund but still have about $56K sitting in the money market account. 

1.  Should I wait it out until stocks are at lower levels?
2.  Should I "dollar cost average" my remaining $56K into VTIVX over the next 12 or 18 months?
3.  Should I do something else?

At this point I feel like I've missed out on a lot of gains due to Fear and I'm frustrated about that but I don't want to make another mistake by investing at the wrong time.....I don't know a lot about retirement investing so I chose the Target Date 2045 fund for now so let me know if anyone recommends something else at this point.

Thanks for your help,
 

[matchewed]

If this is long term money invest it into a different fund now, all of it. Don't let fear be your investing motivator. Pick an asset allocation and stick with it.

[Greenbeard]

Vanguard provides an auto exchange feature that will let you dollar cost average into the fund of your choice over time.  Put all the money into the Vanguard money market, then setup the exchange to run over a few months.

Even though I don't try and time the market, I still don't like dumping large amounts of money into a few funds all at once.  I usually setup auto exchanges to buy the funds over a few months.

I'm not saying that doing so will increase your returns, but for me, it decreases my anxiety about it.

[clutchy]

As a 33 year old guy I would consider the opposite; I have probably another 20+ years till I retire and I don't want to lose anymore of that time. 

I'm dumping it into the fund wholesale or over a 3 month period as the Beard suggests.

[scooty006]

Thanks for the replies.  Sounds like I need to 'stache up and get out of the money market sooner rather than later.