I've become lost: bleach or CaHypo shock

[waterbear]

Cal Hypo is a non stabiized chlorine and is fine to use if you like the convience factor. The biggest problem with it is that it will add calcium to your pool. Depending on where your calcium hardness and alkalinity are right now this might or might not be a problem. Liquid chlorine (sodium hypochlorite) does not have this problem. Cal Hypo might possibly cause your pool to go cloudly for a while.
It's second biggest problem is that it is slow to dissolve. It needs to be predissolved first in a bucket of water (There goes part of the convience factor!).
Both product might raise your pH slightly.

NEVER let cal hypo get near any form of stabilized clorine (trichlor tabs or dichlor granules). It can create a very dangerous and explosive chemical reaction. Once it is dissoved in the water it is not a problem.

2 oz. of 65% strength cal hypo will raise the chlorine level in 1000 gal of water 10 ppm (The walmart stuff will need aobut 2.5 oz. to do the same)
10 oz. of 12.5% Sodium Hypochlorite (liquid chlorine from the pool store) will raise the chlorine level of 1000 gal of water 10 ppm (so you would need approx. 21 oz of ultra bleach or approx 24 oz. of regular bleach)
http://www.deh.enr.state.nc.us/ehs/chem.htm

A 1 lb bag of the walmart shock will raise the chlorine level about as much as 1 gal of ultra bleach or 1 gal, 1 pt. and 10 oz. of regular bleach if I did the math right (anyone, if I am in error please correct me!)

The price on a gallon of bleach is probably less than the price on a bag of shock (haven't checked prices at walmart lately but at the hardware store that I work at part time in the pool department...Very large and complete...pumps, filters, AG pools (not just the Intex ones!), cleaners, parts, chemicals etc., we sell a gallon of bleach in the housewares section for a LOT less than a bag of cal hypo!
Hope this helps to clear it up.