Dendrobium Phal Hybrid Protrusion

[jrodpad]

Hey guys - I'm a total dendrobium noobie and this is my first and only phal type dendrobium. I bought it from the rescue rack of my local orchid greenhouse for $5 at the beginning of the year when it was just one backbulb and one sad looking cane.

A few weeks ago, I noticed a nubbin starting to form in the crown of the new cane. In the last few weeks, it hasn't really done much except perhaps get a bit fatter and the tiniest bit taller (less than a millimeter).

What do I have here? Is it the start of a flower spike? Or something nefarious like when a phal puts out a terminal spike? Should I be psyched or disappointed?

Total noobie.

Thanks!

- J