02/25/2004 12:00AM

Derby update

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WHO'S HOT

There were no changes to the horses on the Derby Watch's top 25, but a couple of odds adjustments were made on the future line set by Mike Watchmaker, Daily Racing Form's national handicapper. He lowered Gradepoint, the Risen Star Stakes winner, to 15-1 from last week's 20-1.

WHO'S NOT

Gradepoint's price went down because Watchmaker raised The Cliff's Edge from 15-1 to 25-1 following his loss in last week's Sam Davis Stakes.

ON THE BUBBLE

Nearly a dozen 3-year-olds are clamoring to get on the list. In addition to ones listed in previous weeks, new faces to watch include Redskin Warrior and Song of the Sword, a pair of Jennifer Pedersen-trained runners who won races last week at Aqueduct. Odds On won an allowance race last week at Santa Anita for trainer Bob Baffert. Purge made a successful return in a Gulfstream allowance race for trainer Todd Pletcher.