Don't add any stabilizer.

Read this thread on using muratic acid to lower your PH: http://www.poolforum.com/pf2/showthr...light=lower+ph

Lower your PH, keep chlorinating to get rid of the algae then worry about all the rest.

Also, what type of pool do you have? Is it gunnite, fiberglass or vinyl and how are you testing your water? Do you have a K-2006?