From Landau-Alexander-McTague theory and Monte Carlo simulation results we
show that the modulated liquid obtained by subjecting a colloidal system to
a periodic laser modulation has long range bond-orientational order and no
n-zero shear rigidity. From infinite field simulation results we show that
in the modulated liquid phase, the translational order parameter correlatio
n function decays to zero exponentially while the correlation function for
the bond-orientational order saturates to a finite value at large distances
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