Phenolphthalein does not dissolve very well in water, so for titrations it is usually prepared in alcohol solution.  When adding a drop of indicator to an acid you will sometimes detect a slight cloudy white color.  This is actually a precipitate of solid phenolphthalein, as the high local concentration exceeds the solubility product.  It will usually dissappear if you shake the solution, since enough solvent becomes available to dissolve the solute.