Ah, I remember my first orchid, also a phal... And I'm sure, like me, this won't be your last
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Anyway, the orchid looks great. It's making a new leaf, and the purple tint on the leaves indicate perhaps a tad too much light, but that's still fine for a phal.
I can see roots with active growing tips (green tips), which is always a good sign, but the medium looks very broken down. It could be sphagum moss, but it's hard to tell from the photo. My advice would be to repot it immediately. I've found that a mix of medium sized rock, polystirene chips and medium bark chunks works well. Then water only when the mix is semi-dry, so about every 2-3 days in hot weather. Here you have to kind of adjust according to what works for you and your climate. Also, put it in a pot that is just big enough to accomodate the roots. Bigger isn't always better.
Lastly, lot's of chain stores sell orhids at a lower price if the spike dies off before it's bought. I think that might be what happened in your case. It doesn't mean the orchid is unhealthy or anything, it just means it's spike got a bit old or it didn't like the store
. Treat it right and it should send up a spike as soon as the nights gets colder (that's what mine do).
I hope this helped, good luck!