Whether we call them potential "key races" or not, don't we always have to evaluate the relative strengths of a particular race.
For example, today's third race at Belmont was about as ugly a $35,000 claiming race as you can get; I'd be inclined to throw everything out the next time these horses run.
By contrast, the second race on Belmont Stakes Day looked to be a pretty strong maiden heat. I'd be inclined to upgrade horses coming out of that race when they run back. And we have to make these judgments before the entire field runs back.
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