Fish Eyes look like little craters on the moon where the paint pulls away from the center. (Looks well, like a fish eye and hence the name). Fish eyes occur immediately upon spraying. Fish eyes are caused by contamination of the surface you are spraying. Water, oil and silicone are the three major culprits. Also, if you leave the wax and grease remover on too long before wiping it off, it can cause fisheyes. When you wetsand out imperfections in the basecoat, sometimes there will be traces of water left causing the problem
that fish eyes, but i suspect your thinking "orange peel"
heres a link to some of the causes (its for wood finnishing, but it still applys http://www.furniturefinishwizard.com/orangepeel.htm