The tool I use to monitor search engine rankings with regard to specific keywords is Rank Checker from SEOBook. It is an extremely useful Mozilla plug-in that quickly allows you to visit a site and identify how that site ranks for any keyword you can think of.
Simply type in the keywords you wish to target, and hit search. Very shortly you get the ranking of that site for all the phrases you entered on Google, Yahoo and MSNLive.
Of course you can easily keep tabs on how your site ranks for all your important phrases as well.
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