Where do I cut the spike on my Phalaenopsis???

[k-dub]

This is my first orchid (a regular, no bells or whistles Phalaenopsis). I got it in bloom in November, and the last bloom fell off today.

In recent weeks I realized that another stem of buds was growing. I am completely new to orchid care, but I think you would say that the new stem is growing out of the "node" below where the first flower was. (I hope that makes sense.) So now the top of my orchid looks like a "V", where one side is where the old flowers were, and the other side is new buds.

My question is: do I cut off the stem where the old flowers used to be? If so, where on the stem?

Thanks in advance for your advice! I really appreciate the help.