Abstract: A pneumatic fastener applying tool featuring a self-cycling control valve with one moving port. A trigger actuated valve sets the cycling valve in motion. The cycling valve alternatively pressurizes and vents the working piston of the fastener tool. A valve stem is positioned by an integral reciprocating piston. The position of the reciprocating piston is determined by the balance of forces between a biasing spring tending to vent the working piston and a pressure-force tending to pressurize the working piston. Two flow paths, internal to the valve stem, determine the pressure applied to the reciprocating piston. One path pressurizes the reciprocating piston. Another path vents the reciprocating piston. Positive feedback of air pressure from the working cylinder positions the reciprocating piston and valve stem so as to vent the reciprocating piston when the working piston is vented and to pressurize the reciprocating piston when the working piston is pressurized.