A simple and physically transparent magnetoelasticity theory is proposed to describe linear dynamics of incompressible fractional quantum Hall states. The theory manifestly satisfies the Kohn theorem and the $f$-sum rule, and predicts a gaped intra-Landau level collective mode with a roton minimum. In the limit of vanishing bare mass $m$ the correct form of the static structure factor, $s(q)\sim q^4$, is recovered. We establish a connection of the present approach to the fermionic Chern-Simons theory, and discuss further extensions and applications. We also make an interesting analogy of the present theory to the theory of visco-elastic fluids.

RevTeX 4, 6 pages; expanded version to appear in PRB; more technical details, and discussions of the physics added