Cattleya Spike/Inflorescence Question

[Becca]

Okay I must admit, I have never seen a cattleya send out it's spike with my own eyes. When I am obsessing, I mean observing my cattleyas, I can look into the center of the leaf where it turns into the pseudobulb and I can see like a little green bump...like it is waiting to grow into something if given the right conditions....is this what will turn into a spike someday if given the correct culture? I am just curious as I see quite a few of those and just wonder what that little bump is