On Mon, 10 Dec 2012 13:28:17 -0500, wrote:

Look in the top of ther strainer basket on the pump with the pump
running (it is usually a clear plastic cover). See if you see air
flowing around in there.

Try venting the air out of the filter to see if it gets better but if
you are still seeing air come in, you have a suction side problem.
Is the skimmer still under water? Basket clean?
With the pump off, are you losing water from the pool?
If so you may have a broken pipe or fitting,

I've been chasing an air bubble problem in my pool for awhile now.

After watching this video and reading the comments, it never crossed
my mind the problem could be the water level or an O-ring in the
suction side Jandy valve.

The Jandy is original to the pool. I've not tried replacing the O-ring
as I never noticed a leak. When I bought the house the filler float
valve was replaced, but I'm not sure it was adjusted to the proper
fill level (skimmer may be sucking air). I have had cracks in the
Kreepy Krawler suction hose that I replaced a section with new.

These are the only two things left for me to check. The pump and
filter is new in the past couple of year to eighteen months.

A good video for the OP to view.

http://www.youtube.com/watch?v=VUMJdNyQM5o