Baltimore ? Even though he has won the Kentucky Derby, a question still lingers for Giacomo: Was his Derby victory at 50-1 odds a fluke or a first step on the way to the Triple Crown?

The answer comes in today’s Preakness Stakes, when Giacomo takes on 13 rivals in what shapes up as a wide-open race.

A victory, and it’s on to the Belmont Stakes with a Triple Crown on the line for the fourth straight year and seventh time in nine years. A loss, and Giacomo could wind up as a one-hit wonder, like 1992 Derby winner Lil E. Tee.

“He got the job done and ran better than anyone else that day,” jockey Jerry Bailey of Giacomo’s Derby said. “So he’s the champ – at this point.”

Bailey will be aboard High Fly, one of the 3-year-olds trying to derail Giacomo in the 1 3-16th-mile Preakness. High Fly was 10th in the Derby, but is one of three horses with shorter odds than Giacomo.

Afleet Alex, third in the Derby, is the 5-2 favorite, with High Fly at 9-2 and Derby runner-up Closing Argument 5-1. Giacomo is 6-1. The last Derby winner so lightly regarded was Charismatic, who won the 1999 Preakness at 8-1.

Giacomo hasn’t scared off anyone, either. Nine Derby also-rans are back, including last-place finisher High Limit – 441â2 lengths behind the winner. The only other time 10 Derby horses ran back in the Preakness was ’99.

It may appear Giacomo hasn’t gotten much respect, but trainer John Shirreffs doesn’t see it that way.

“I think a lot of people like Giacomo. I think he’s getting respect,” Shirreffs said on a rainy Friday at Pimlico. “The people who have actually seen the horse and watched the race and saw what he had to overcome – weaving through traffic, getting to the outside and finishing well – really appreciate Giacomo’s effort.”

Preakness entrant Greeley's Galaxy breezes with exercise rider John Lloyd in the rain. Greeley's Galaxy worked out Friday morning at Pimlico race course in Baltimore. The second leg of the Triple Crown, the Preakness Stakes, is today.

Giacomo, with Mike Smith aboard, won’t have an easy go of it this time, either. A full field of 20 horses contested the Derby, and a full field of 14 – the first since 1992 – will line up for the Preakness.

Giacomo, owned by A&M Records co-founder Jerry Moss, also drew the unfavorable No. 13 post position, a spot that has not produced a Preakness winner in the 13 times there have been 13 or more in the field.

In the Derby, Spanish Chestnut set a torrid pace, and many of the top horses followed, only to fade in the stretch and set up the race for closers such as Giacomo and Closing Argument.

Spanish Chestnut isn’t around, but look for High Limit to make the lead under Edgar Prado, who takes over for Ramon Dominguez. The Louisiana Derby winner will be equipped with blinkers for the first time to keep him focused.

Going Wild, trained by D. Wayne Lukas, leaves from the No. 14 and will try to get to the lead, along with Galloping Grocer and Scrappy T, two of the four new shooters. Malibu Moonshine and Hal’s Image are the others newcomers.

Afleet Alex and High Fly should be among a group running just behind the leaders.

Shirreffs hopes Giacomo will be eighth or ninth down the back side as the field moves into the far turn. Then it’s up to Smith to find a clear path to the finish line.

“A couple of horses I looked at have speed – how they choose to use it I don’t know,” Shirreffs said. “Ideally, I’d like to see the horses spread out a little bit, like in the Derby.”

Tim Ritchey, who trains Afleet Alex, believe the race sets up well for his horse.

“I don’t think you’ll have a suicide pace like you did in the Derby,” he said. “I think the riders will be well aware of the pace they set in the Derby.”

Nick Zito, who couldn’t win the Derby with a record-tying five horses, sends out a record-tying three horses in the Preakness. Zito trains High Fly, Noble Causeway (14th in the Derby) and Sun King (15th).

“You want your horses, if they didn’t do well in the Derby, to come back,” Zito said. “And that’s what we’re looking for.”

Post time is 6:15 p.m., EDT, with the weather forecast calling for partly cloudy skies, a 30 percent chance of rain and temperatures near 70 degrees. The winner’s share of the $1 million purse is $650,000.

Smarty Jones won last year’s Preakness by a record 111â2 lengths, a year after Funny Cide won by 93â4 lengths. Don’t expect another rout.

“I can’t see any one horse drawing off and winning by eight, nine, 10 lengths,” Ritchey said. “Between the first three and four horses, I think it will be maybe three or four lengths. It’s a quality field of horses.”

The favorite has won the Preakness the last four years, but Bailey won’t be shocked if there’s an upset. Master Derby scored the biggest Preakness upset, winning in 1975 at 23-1.

“It wouldn’t surprise me at all,” Bailey said.

Or Lukas, a five-time Preakness winner.

“Pick a horse, any horse you want and I’ll book it,” Lukas said. “One through 14. I don’t care who you pick. Just tell me how much.”