I know that this is the katydid (what we've always called the clickbug), specifically Microcentrum rhombifolium, but what I'd like to know is what the white sacs and shimmery opaque fluid is out the back. There had been several together on this branch and this is what (and who) was left. The insect kept bringing the tail up to its mouth afterwards.

Can somebody please fill me in on what this is?

Thanks!