My first thought was that you are getting blushing. You said it was in streaks, and that could be from the wood not being as dry as you think it is. You can solve that problem by turning the pen to "close", letting it sit for a couple days, and then finishing it.
If you live in a humid climate, you can also get blushing by putting the spray lacquer on too soon after sanding. Let the wood cool down to room temperature before putting the finish on it and see if that solves the problem. Remember that the mandrel also will have to cool, so this can take an hour or two.
Wiping the wood with alcohol or thinner before spraying can be the cause of the blushing if you didn't wait long enough for all of it to evaporate out of the wood. Alcohol can hold a lot of water that is absorbed into it from the air, and that water could be your source of blushing in streaks. If you are using alcohol or thinner to clean the wood, the solution is to us fresh alcohol and give it an hour to evaporate. Alcohol is relatively slow in drying, and it penetrates into the wood, so it takes awhile for it to evaporate out of the wood, even though the surface might appear to be dry.
People who use Isopropyl Rubbing Alcohol are asking for trouble, because it contains 30% water that is introduced into the wood.
I always do a wip-on-wipe-off with lacquer from the can before spraying. This cleans all of the contaminates from the wood without introducing anything that is incompatible, and it leave a primer coat on the wood that is ready fro spraying.
But I am wondering why you are having to sand a sprayed lacquer finish. You should be leveling the surface between coats, but the final spray coat of the lacquer should be giving you a surface gloss that doesn't need sanding or polishing. It should be smoother and have a brighter gloss than anything you can do to it.
I would suggest that you might be do a better job of sanding and polishing the wood before putting the lacquer on it. Sand the bare wood to a flawless 12,000 Micro-Mesh surface, and then spray on the lacquer.
If you are still having to sand and polish, do as everyone else has said, and let the lacquer sit for a week before doing anything. That week can be shortened to a couple days if you are in a dry climate, but most of us will have to wait a week.
This is probably more than anyone wants to know about spraying lacquer. But, lacquer is the easiest finish to put on a piece of wood, but I think it is the most difficult of all finishes to do well.
What I have said makes no difference whether you are using a spray can or a gun.