Donald, though I don't really grow a lot of Phal., to my eyes that looks like a developing bud. What you are likely to see is the stem continuing to elongate (branching or not), and as it elongates, buds will continue to pop out along its length. This is not the time of year that Phal. normally will do this, but hey, orchids don't always follow the book. This bud/stem growth may be happening now because it is a slow-developing stem (perhaps due to the variety), and since the stem and buds take longer to develop, the orchid is getting a "head-start". Most Phal. I have had are winter/spring bloomers.
Keep us posted (with pictures) as the stem develops and good luck.
