Charge Modulation, Spin Response, and Dual Hofstadter Butterfly in High-$T_c$ Cuprates

The modulated density of states observed in recent STM experiments in underdoped cuprates is argued to be a manifestation of the charge-density wave of Cooper pairs (CPCDW). CPCDW formation is due to superconducting phase fluctuations enhanced by Mott-Hubbard correlations near half-filling. The physics behind the CPCDW is related to a Hofstadter problem in a dual superconductor. It is shown that CPCDW does not impact nodal fermions at the leading order. An experiment is proposed to probe coupling of the CPCDW to the spin carried by nodal quasiparticles.