I use an Ultra-light 4' 6" Okuma Ciello two-peice trout rod and a itty-bitty matching spinning reel. Never more than 4lb test. Some nice people here turned me on to florescent light tube covers for a rod case and it works great. I use tear-drop bobbers when working dry flies and a spit shot working wet flies. And the usual assortment of small spinners.

I've landed 3lb trout with this setup. I put a rubber band around the tube which provides the "traction" to strap it to my pack.