Hi Lovesflowers and welcome to Orchid Board
First off orchids don't like to be left standing in water, so get rid of that water in the outer pot. If the water has been there a long time (like the shop was leaving them standing in water) then there is a very good chance your roots have started rotting... actually as you say your flowers buds are turning yellow (blasting) then there is a good chance your roots could be rotting.
It
can be normal for buds to drop from a change in enviroment... but combined with your description of mold on the root at the bottom I think you really should check the roots.
Basically you need to remove it from the pot and take a look. Hollow/mushy roots are bad, firm roots are good (good roots will often be silvery or green but can be stained by the medium so firm is the thing to test for).
If there are lot of mushy roots and none or hardly any good ones then i would really advise taking it back to the shop for a refund. You said you have only had it one day and if the roots are already rooted it's not your fault but the shops.
If most of the roots are good and firm then put it back in the pot, but you probably will want to consider getting new medium as the stuff they get sold in is more then often already broken down and in need of replacement (especially if not bought from an orchid specialist).
Is it in Moss or Bark? Many people find bark easiest, but if you are in a very dry climate or prone to underwatering then moss may be better. One BIG piece of advice I have is don't buy the medium from your local store even if they sell it. The stuff in those places is usually already broken down due to low turn-over or incorrect storage. Try somewhere like
www.repotme.com which I'm told sells good stuff (I'm in the UK so use a UK website).
Good luck, and if you need advice about the root condition post us some pics so we can help with what to do next.