This cutting back to the node advice is given to people buying their first Phalaenopsis and I have given that advice in the past at orchid shows.
But really your objective should be to make it re-bloom as per its potential and not fiddle about getting another bloom stem from a node which might give you three flowers when the original stem had say seven blooms.
To answer your question. If there is a healthy node on a green stem it has the potential to make a keiki or a make a bloom stem. All you can do is wait and see what happens.

This post was edited by arthurm on Sun, Jul 6, 14 at 0:15

Ok, thanks for your answer. :)

My personal opinion is to cut the stem off all the way down. Let the plant grow over the summer and in the Fall it should initiate new spikes which will look as pretty (or prettier) than the original. The plant will benefit from a summer vacation!

Any flowers off the old spikes just don't look nice. ArthurM was being very kind...Cut it off.

Jane