Sensors in exhaust?

Ok. I almost have my stock exhaust off. I have 2 bolts left the ones that connect the header to the other pipe. But any ways their is only one sensor in the exhaust not two. The one sensor is on the pipe that alot of people call the down pipe.Thats their for fuel/air mixture only right and so that meens i will have no light come one since im going to be running no cat right? 

Is your car a 1995 b/c obd II cars should have 2,  upstream and downstream o2 sensors

Its a 95. From what I think I read theirs normaly a sensor before and after the cat and i only have one about 2-3ft b4 the cat.
 
Also I read that with out a cat the exhaust smells bad. Whats it smell like? I know taht when a cat is clogged you get a egg smell.

I am pretty sure obd I cars have only on sensore and obd II use two the one up front to control fuel and the one further down is to monitor the cat.
 
Usually when the cat is clogged the car will lose power and give off a rotten egg smell like u said, but on my 90 gsx I didnt ever notice a difference in smell w/ the stock exhaust/cat compared to mt 2 1/2" w/ hollowed out cat.
 
Since yours is a 95 its only gonna have 1 o2 sensor 96 and up is obd II.