Should I Remove The Newly Emerged Flower Spike?

[Stevie_White]

I've got a couple Phals (3) that have new flower spikes just started. I'm super excited because these are the first flower spikes I've grown myself since starting with Orchids.

I'm worried about one of the larger Phals. I got it in December of last year with a huge spike on it (and 4 leaves) that lasted until May. Since then it hasn't grown a new leaf, and I'm not sure if its pushed out any new roots (I haven't seen any on top but it might have pushed one out beneath the media).

Now, its pushing up a flower spike and one of the leaves is turning yellow and getting ready to fall off. Otherwise it's healthy, but I'm worried that it might stress itself pushing up another spike without any new growth. I really like the flowers and don't want to lose the plant.

I was thinking that maybe I should cut the flower spike and encourage the orchid to produce a new leaf before I let it bloom again. From all you lovely experienced people; should I cut the flower spike, or will the phal be okay to let it grow?