We look back at the key ratings from a huge Saturday of racing.

Caulfield Guineas Prelude

Estremo won the Caulfield Guineas Prelude in a slow time compared to the fillies and that is evidenced by the lack of margins across the field, with just 2-1/2 lengths covering the first six.

The winning rating here comes out at just 103 which is far and away the lowest winning rating in a Guineas Prelude we've seen, four pounds below the next-lowest winner, Bon Aurum in 2015.

The median winning rating for the race this century comes in at 115 so Estremo at 103 is 12 pounds below standard, which is roughly five lengths at 1400m.

I can't see anything from this being competitive in a Caulfield Guineas. Of the local horses, Vinrock ran to 109 winning the Exford Plate a week prior while Autumn Boy (106) is almost certain to jump that mark in the Golden Rose on Saturday.

Jim Moloney Stakes

Yum sliced through the field to take the Jim Moloney Stakes, running to a new peak of 102 on the RAS scale despite the time being much faster than the boys.

It's just one reason why using times solely isn't the best way of rating horses. The Timeform method rates horses on races but also races on horses, with historically proven ranges for certain races.

Having beaten horses rated in the high 80's leading in, it's hard to make that big jump, and the time rating is in line with the RAS rating here, whereas for the boys, the time rating is well below. It's rare that a time rating will be significantly higher than the RAS rating.

Mystic Journey at 109 in the inaugural running in 2018 clearly tops the list of Jim Moloney winners with Lilac at 103 the only other winner rating higher than Yum.

Comparing this to the Tea Rose Stakes in Sydney won by Apocalyptic, who ran to 110 at her third start, this division has a bit to find, however there's upside in both Yum and second placegetter Chateau Eze and they can be players in a Thousand Guineas.

Underwood Stakes

Sir Delius won the Underwood Stakes over Buckaroo in another steadily run race, his stamina coming through late after Buckaroo just peaked on his run after making an early move.

I think if Buckaroo was third up here there's every chance he holds on late but still, Sir Delius has made the right steps, especially for a horse targeting a Melbourne Cup.

122 is the rating we get, up from 119 first up which tied his peak overseas rating, which is on the lower side for recent Underwood winners.

Since 2010, the list is topped by the great So You Think at 128, while recent winners Russian Camelot (124), Zaaki (124), Black Heart Bart (123) and Alligator Blood (123) are also slightly ahead.

The presence of Golden Path finishing third and half a length away, along with the time, stops us getting carried away, and indeed Golden Path has still run a clear new peak up from 114 the start prior.

I still think Sir Delius could win the Cups double, I'm less convinced of him winning a Cox Plate. I think he'd start shorter in a Caulfield Cup than a Cox Plate and have a better chance of winning over 2400m, but regardless, he hasn't harmed his position as #1 local seed for the Melbourne Cup.

Sir Rupert Clarke Stakes

Sepals was the beneficiary of a positive ride to win the Rupert Clarke, improving his RAS rating to 119 (up from 116) in a tough win.

The sectionals will show he was stopping late and ridden slightly too quickly than perfect in front, however as we bang on time and time again, the advantages from being ridden positively almost always outweigh the risk of going too quickly.

There's no doubt Angel Capital should've won and the difference was the intent and ride. Angel Capital had run to 120 first up and I daresay he'd have gone slightly better than that with a clear run on Saturday.

119 for a Rupert Clarke winner is basically average, alongside Behemoth and Magic Time in recent years, one pound ahead of Kimochi (118) last year.

The Golden Eagle was floated for Sepals and I think it's a fair option for him having gotten the Group One win now. Golden Eagle winners have rated between 114 (Colette) and 121 (Kolding) since its inception however with Autumn Glow rated 122 and still improving, that standard could be higher this year.

The Everest leadups

The Everest has been floated for Angel Capital and I'd be very wary about backing him in that.

Objectively he's rated 120 and possibly a bit better but even giving him a large bonus and assuming he would've beaten Sepals by a length (around 122 rating), that's still miles off Ka Ying Rising and more in line with The Shorts form won by Joliestar.

She's gone 123 on Saturday, just bettering her 122 peak in the Newmarket. Angel Capital would be one of those horses fighting for a minor placing provided Ka Ying Rising turns up something like his best.

A 123 rating in The Shorts has Joliestar just behind the top-rated winners in the race, topped by Eduardo at 125 who just edged Pierata, Nature Strip and Classique Legend all at 124.

At this stage I'd be thinking Joliestar is the second seed for The Everest but in reality there's less than a length between a handful of the local challengers and it all hinges on how close Ka Ying Rising is to his peak.