Subject: What kind of caterpillar do I have? Will it cocoon?

I have a black caterpillar covered with black hair.  It is about two
inches long.  There are small red dots down both sides.  
It eats and eats for about a week and then stops, and a section of 
him falls off of the rear end.  The section that falls off has feet 
and everything on it, but it is dead.  He eats and eats again and 
does it again in a week or two.  He likes leaves from a blackgum tree.
I have had him for two months now, and no cocoon.  My dad thought he 
was a stinging caterpillar, but he doesn't look like any we were able
to find on the web.  What is he?  Will he make a cocoon?  What kind
of moth or butterfly will be turn into?
Thank you for trying to answer my questions.
Bethany

Re: What kind of caterpillar do I have? Will it cocoon?