LOUISVILLE – Giacomo’s shocking victory in Saturday’s Kentucky Derby at 50-1, a half-length ahead of 71-1 runner-up Closing Argument and a length better than Afleet Alex in third, isn’t likely to deter many runners from taking him on in Preakness at Pimlico on May 21, which could have a full field of 14 for the first time since 1992.

That year, the Run for the Roses was won by 16-1 Lil E. Tee, who was off the board in the Preakness, won by Pine Bluff who was fifth in the Derby.

Arkansas Derby winner Afleet Alex, the 9-2 second choice Saturday, shapes up as a solid favorite in Baltimore. Charging from off the blazing pace in the Derby, he loomed a winner in deep stretch.

“It looked like he absolutely had the race,” trainer Tim Ritchey said yesterday, “but on that particular day, those two horses were just better than him. It wasn’t from his lack of heart or courage.

“He came out of the race well, and we are looking forward to the Preakness. It’s a little shorter race, it’s in our backyard, and they will have to outrun him.”

Giacomo, whose $102.60 payoff was the second-highest in Derby history, will bid to become the seventh Derby winner in the past nine years to repeat in the Preakness. Giacomo is trained by John Shirreffs and ridden by Mike Smith, who rode Giacomo’s sire, Holy Bull, to finish a puzzling 12th as the Derby favorite in 1994.

Closing Argument also appears Preakness-bound.

“Normally, I do not like to run back in two weeks,” trainer Kiaran McLaughlin said, “but this is not a normal situation. He came out of the race great.”

Nick Zito, still baffled yesterday by the Derby result – of his five runners, 5-2 favorite Bellamy Road’s seventh was the best finish – said, “We will definitely go on to Baltimore with somebody.”

Andromeda’s Hero, a late-running eighth, will be reserved for the Belmont Stakes. Of the other four, Zito must first talk with the owners. If the decision is made to give George Steinbrenner another chance at a classic victory, Bellamy Road looms the main speed of the Preakness. Spanish Chestnut, the “rabbit” who set the near-record pace in the Derby, isn’t a likely starter.

Wilko, who trainer Craig Dollase said “bled [on a scale of] three out of five” finishing sixth in the Derby, is definite for the Preakness. Other Derby horses under consideration are Don’t Get Mad (fourth), Flower Alley (ninth) and High Limit (last of 20).

Newcomers to the Triple Crown trail include hometown hero Malibu Moonshine, winner of the Tesio; Scrappy T, who took the Withers at Aqueduct, and Hal’s Image, winner of the Unbridled Stakes at Calder.

Red Bullet (2000) is the only non-Derby starter to win the Preakness since 1983.

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Possible Preakness Field

Horse — Odds

1. Afleet Alex 3-1

2. Bellamy Road 9-2

3. Giacomo 6-1

4. High Fly 8-1

5. Closing Argument 10-1

6. Don’t Get Mad 12-1

7. Wilko 12-1

8. Malibu Moonshine 15-1

9. Flower Alley 20-1

10. High Limit 20-1

11. Sun King 20-1

12. A.P. Arrow 30-1

13. Going Wild 30-1

14. Hal’s Image 30-1

15. Scrappy T 30-1