We present a model for describing the combined presence of nematic and 'smectic' or stripe-like orders seen in recent scanning tunneling microscopy (STM) experiments on cuprates. The smectic order is treated as an electronic charge density wave with an associated Peierls distortion or a 'Pomeranchuk wave'. This primary order is restricted to nanoscale domains by disorder effects, while the secondary coupling to strain generates the nematic order with a considerably longer range. A variety of experimental results are shown to be consistent with our theoretical predictions.