Thanks,

I lowered the alkalinity even more to 80ppm, and now the pH will hold steady at 7.2. Correct me if I am wrong, but it seems to me that there may be a CO2 reaction taking place at the water surface/atmosphere interface that sets the pH dependent on the alkalinity. (We also have 400ppm calcium hardness.)

In any case I'm running the pool at 7.2 pH, 1.5-2ppm chlorine, ~30ppm CYA and 80ppm alkalinity. Clear blue all the way.