renel, based on your description, you probably have the usual-dreaded hood and bumper stone chips from the road... unfortunately, you really have little recourse if the paint has already been chipped off...

NO COMPOUND WILL OF BE ANY USE IF THE PAINT ISN'T THERE...

Compounds and polishes are supposed to level the paint by thinning it to blend with the surrounding paint areas. If the paint isn't there, what's there to compound? None... You'll just thin out the paint areas that aren't even affected.

Oh, don't use TW Polishing Compound, it's crap.