You know without testing we're all only "guessing" right now. I'm leaning towards [MENTION=100539]Mellemel[/MENTION] and an O2 sensor on the way out or you're very carbon rich. With the engine cold, your catalyst hasn't reached the light off point condition yet allowing the O2 sensor to cycle. (the wave form on the graph would be high and low). Once the engine is warm, your convertor should reach optimal temperature of about >600°, thus allowing the catalyst to use the stored O2 to burn the rest of the engine of HC, H2O, CO2. Sensor will flatten out, if working correctly and continue to monitor the temperature. If there's too much carbon deposits in the exhaust it won't work as efficiently and may never reach light off point. You end up with an unmanaged rich fuel mixture, poor engine performance and poor gas mileage. You may want to try some Seafoam (small amount) through your PVC vacuum line and try and blow out the carbon in your exhaust system. DO NOT use too much. Perhaps a 1/4 cup. Just throwing options at you but you need to get it tested while cold and when it's warmed up.