This slime mold eluded all my efforts to ID it until recently. Now I think I’m okay with Stemonitis axifera.
For a bit more info you can visit:
This picture was taken June 26, 2011, in Montgomery County, Pennsylvania, USA. It was growing on a dead log in a ditch; the area is wooded and shady so everything is pretty moist.
Here is the yellow, egg-like younger phase
Yellow Insect Egg Slime Mold – Stemonitis axifera