Are you feeling lost and whipsawed by a market that is out of control? You’re not alone.

Here’s why: In the past month, the Dow Jones Industrial Average has seen an extraordinary number of triple-digit market swings. The DJIA moved up or down by over 100-points 68% of the time –15 of the last 22 trading days– and the number is even higher if you track only intraday swings.

It may not be unprecedented volatility, particularly compared to 2008, but the current roller coaster ride is unique, frustrating, and by many accounts, expected to continue.

“Until you address the underlying drivers of the volatility, you can’t really expect it to go away,” says Alec Young, Equity Strategist at Standard & Poor’s. “It’s a very headline-driven market.”

Simply put, volatility is the spawn of uncertainty, and uncertainty is kryptonite to the stock market.

From concerns about the US economy, the contagion effect from the European debt crisis, the pace and reliability of earnings growth, currency swings, commodity prices, the caustic political environment, and debt and deficits across the globe; the realm of uncertainty grows and changes every day.

Even if the benchmark indexes are flat or down for the year, volatility can be your ally, especially for active investors. “There’s huge potential for a smart trader to exploit these swings,” Young says, adding caution “that most traders don’t make money.”

And he’s not just giving advice to others, he is living it too. “We’ve seen so much of it (volatility), at this point, we’re sort of stepping back and stopping this whole volatility chasing game.” Young recommends investors “focus on very defensive areas like staples and utilities,” and to avoid financials.

So the long answer according to Young is yes, volatility is here to stay. It won’t abate for at least another few months.