Thanks, Tom (Pimkey) of pbase for the lead to ID this. I've been wondering about it for a long time:
"Tremella mesenterica (common names include the yellow brain, the golden jelly fungus, the yellow
trembler, and witches' butter) is a common jelly fungus. It is most frequently found on dead but
attached and on recently fallen branches. It is edible." I find it expands during a heavy rain and just about disappears when the weather dries up. It appears regularly in the same spot between stained wood and a composite railing on my deck. Mine is definitely orange, so I suspect it's not tremella mesenterica but dacrymyces palmatus http://www.mykoweb.com/CAF/species/Dacrymyces_palmatus.html