$1 Pick 4 -  3As and a C or 2As and 2Bs
$2 Pick 4 -  3As and a B
$3 Pick 4 -  4As

I think Rachel Alexandra is the most likely winner and offers value if she gets up to 2/1. If Papa Clem is at 10/1 or better then he is also worth a look.

Update: Scratches cut my Pick 4 play from $372 to $176. I looked to beat ml 3/5 favorite Affirmatif in the Woodlawn but the only two legit contenders scratched. I bet a $20 exacta box on Friesan Fire, Papa Clem, and Rachel Alexandra ($120). I'll make more Preakness bets close to race time.

1:31 - I bet $20 WP on Everday Heroes and put in $6 exactas 2/1,3,6 and 1,3,6/2 and $2 exactas 2/5,9 and 5,9/2. An $84 play on a race I had planned to just watch.

3:45 - I'm alive in the Pick 4, but so is the rest of the world. The win in the eighth by Everyday Heroes returned $521 so I'm ahead on the day so far. Still enough races to give it all back and then some.

4:01 - $10 exacta box 4,7, $1 trifecta 4,7/All/4,7, $1 Double 2,6,11/5,7,13. $47 total.

4:13 - Out of respect for Steve Crist I'll take my A horses and put them in exactas with his As for $2 each. 4,7/8,10,12 and 8,10,12/4,7 for $24.

4:17 - Another favorite wins. I'm alive $2 to Rachel Alexandra, Friesan Fire, and Papa Clem. Hopefully I'll break even on the Pick 4 if the filly wins (though I doubt it).

4:23 - $2 Pick 4 will pays - $130 to Rachel Alexandra, $356 to Friesan Fire, $530 to Papa Clem.

4:30 - Value on Rachel Alexandra in the place and show pools (prime Dr. Z bets). 25.5% of the win pool is on her but only 16.1% of the place pool and 13.9% of the show pool. There is more money in the place and show pool on Pioneerof the Nile than the filly.

4:36 - 36 minutes to post and more money has been bet in the Win/Place/Show pool on the Preakness than last year ($15.6 mill vs $14.3 mill).

4:43 - $200 across the board on Rachel Alexandra.

9:55 - Great race. Everything I could hope for (though Friesan Fire or Papa Clem sticking around for the exacta would've been nice). Fantastic performance by the Rachel Alexandra, but I was even more impressed (perhaps surprised would be a better word) by Mine That Bird. He is no one hit wonder. Both are probable for the Belmont. Three weeks can't come soon enough.