99 Firebird conv. w/v6 engine. car runs fine and then temp guage suddenly goes all the way to hot and "check guages" light comes on...car goes into what I call limp mode where it runs but has no power. Although temp guage reads very hot, engine is not very hot and water in rad is cool enough to remove the cap without problem. Any suggestions?

 

Sounds like coolant temp sensor took a dump

 

Thats what I am leaning towards, gonna replace it since it shouldn't be too expensive.
Thanks for the response.