The key to getting the best results is the paint prep... give it a wash and clay barring....then lets move on to getting rid of those scratches.
What it sounds like to me, is those fine circular swirls you're seeing are micro scratches in the clear coat. I'm guessing that when you look at the hood in the sun, the circles (cob webbing) will just follow the reflection of the sun all across your hood. These are usually caused by just normal washing, drying, and even waxing. You'll need a product that will take a micro layer of clearcoat off to bring the entire clear coat, down to the level of those scratches.
After claybarring, I use Meguairs #205 with a Dual Action Polisher. I understand you want to do it by hand, and you should be able to work the #205 by hand with no problem, however, I would encourage using a D/A for paint correction for 2 reasons - 1. its very hard to screw up your paint with a D/A and 2. you'll get a lot more consistant and quicker results with paint correction products as compared to doing it by hand....you're choice as either way should work fine.
If the #205 isn't cutting enough for you, I'd then jump to Megs #105. The 105 is a bit more agressive and you'll often need to clean up some hazing that was left behind from the 105, with the 205 I've never tried the 105 w/o a D/A so you'll be on you're own for that one. The key is to use the least aggressive product possible to achieve the results you want...start with the 205 and work about a 1' X 1' area at a time.
With a little time and elbow grease, that nasty cobwebbing should be gone fairly easily and your paint should be crystal clear - especially black!!!
Now on the the polish. You'll wanna use a pure polish like Megs #7 Show Car Glaze or Megs Deep Crystal Step 2 Polish. A pure polish has no abrasives in it. Think of it more as a paint conditioner. This is what is going to make that black paint look wet all the time. Again, a D/A will make this alot easier and consistant but this is able to be applied by hand as well. Follow the directions on the bottle but most should not be allowed to dry on the car and 1 application should suffice.
Now to the waxing. For black, I like using Megs Gold Class Carnuba Wax. IMHO, the Gold Class Carnuba gives off more color depth on dark paint, as compared with the NXT 2.0. I like the NXT for about all other cars though. I only apply 2 coats. The reason is this:
http://www.meguiarsonline.com/forums/sh ... eadid=2167 Scroll down and read the part on the law of diminishing returns. And don't keep 'polishing' the car with your microfiber. A couple swipes will take off the dried wax and thats all you need. Any more and you may start cobwebbing the paint again with any dust that may have fallen, and besides, you're just wearing down the wax you just put on.
For further info - tune into
http://meguiarsonline.com/forums/index.php. Its a wealth of information on products, methods, tips, and tricks, regardless of what brand of products you use. Obviously, all I listed were Meguiars products. I've had very good luck with them and the professional line, and detailer lines are price pretty decently from a distributer. Others will also recommened such products as Adams Polishes, Mothers, etc. All are around the same price, give or take, and will do a fine job (or better) as well.
FWIW - I get majority of my detailing products online from Auto Detailing Solutions. Rick at ADS is a great guy and always has some sort of special going on. he even offers 'sample' sized bottles of products. One of these sample sized bottles of Megs #205 has done several complete cars and I have several left to go! Gives you a chance to try new products and you're not out much if you don't like it.
Finally, check your wash mit, sponge, or whatever you use to wash. Make sure its clean as this may be the cause of your marring. I like washing using a 2 bucket method, so I'm not depositing any dust, dirt, grime, etc. back into my soapy wash bucket and potential into my wash sponge and then dig into the clear coat. Also check your chamois as any dirt or grime embedded into it can cause this as well. So can dirty wax applicators or pads.
Good luck and happy detailing.
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2005 Grand Prix GT - SPO Spoiler, Tips, Grilles, Sills, Mats, SE Front Fascia, GMPP F/R STB's W/ Don's Brackets, GMPP RTA's & GMPP Rear Sway Bar
"Si Vis Pacem, Para Bellum."