Okay after failing smog horribly, I have to decide wether or not I should take it in to Volvo for a diagnostic. They want 130-150.00. The ecu is'nt showing any faults and wether or not Volvo finds the problem I get nailed for 150 bucks. I don't mind doing the work, but I need to be sure that either my O2 is bad or the cat is bad. Any ideas?

So here are the numbers
15MPH
CO2 14.64%
O2 00.45
HC 186 (MAX 85) FAIL
CO .37%(MAX .50)
NO 906 (MAX 695)FAIL

25MPH
CO2 14.88%
O2 00.16
HC 55 (MAX 50)FAIL
CO .28%(MAX .47)
NO 241 (MAX 717)

Cat is original 140k miles
ECU shows no faults

I may qualify for Consumer Assistance from California. They provide up to 500.00 in smog related repairs. How does that sound? Could my cat be bad?

the o2 sensor fault must be shown by the ECU anyways???
smog test actual numbers, the audience want to see them!
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i prefer non-german cars

Unfortunatly the ecu doesn't show a fault at the O2. It doesnt show a fault at all at "A-2". Could I be testing the wrong socket? If I am, please tell without doubt which one I'm supposed to be testing. What did you mean by saying...
"...smog test actual numbers, the audience want to see them!"?