Okuma has a Celilo rod that is 5'6" and ultra light rated 1-4lb line, for about $35 most places. I love my Celilo's - I've had 8 of them, still own 7 (one was stollen). Great value in the Celilo line up.
Shimano made (maybe still does) a rod called the Stimula - mine was 5' two piece, ultra light 1-4lb line
The Quantum Teton rods can be had from 4' to 7', two piece (except the 4', it's a one-piece, I bleev) ultra light action, 1-4 or 2-6lb rating.
Then there's the venerable Eagle Claw fiberglass rods, they're light/ultra light action, and I think you can find them in the 5 or 5'6" range, for around $25 or 30.
My top pick out of all the ~$50 rods is by far the Okuma Celilo - but I've owned or currently own at least one of each rod I've mentioned. Each has served me well. I don't plan on buying anymore rods though that aren't Okumas - I'm probably going to step up to the SST series from here on out, because they're coming down in price, and I've seen some (like the 5'6" two piece UL) as low as $35-40 on sale. Might even splurge and get the Guides Select models, if I can talk myself into spending that much on a non-fly rod again.
All I fish for trout & bass anymore are my Celilo's - a 7' and a 7'6" are my go-to rods. My steelhead and salmon setups are Celilo's also. Like I said, great values in my book. I might sound like a paid spokesman - but I assure you, I'm not - just love my Okuma gear
