White fuzz growing on the stem of my orchid

It could be fungus, or it could be a kind of scale (mealy bugs), which is a larval insect. They make a waxy coating to hide themselves in, but it can get rubbed off onto the plant, too.

Without looking closely, they look like white fuzz http://www.uky.edu/Ag/IPM/sponsprj/count… but if you look close, you can see the bugs http://www.mollystropicalplants.com/wp-c… And the bugs can move, although very slowly.

I happened to think of this cause I just had mealy bugs on my Dracula 'Misfit' orchid. Getting rid of them isn't too hard if that's what they are http://www.denverplants.com/foliage/html…

It is probably a fungus, but without pictures it is not possible to correctly identify it. There are some white fungi that are harmless and some that are bad for the plant. Since I cannot properly identify the fungi, I can only suggest that you quarantine the plant so the fungi does not spread to other plants around it.