You don’t need a slow action rod for dry fly fishing. A medium or medium-fast action rod no shorter than 8 feet will do fine. And remember, there is no universal standard for what defines a “medium” or “fast” action rod, as every rod maker’s definition is different.
Traditionally a slow action rod was used for wet and streamer fishing down and across and a fast action rod was used for dry fly fishing casting off the tip for up close fishing. But traditional fast action rods had a soft tip that got progressively stiffer through the mid and butt sections while slow action rods have a slightly stiffer tip section, a more flexible mid section and then a stiffer butt section. In boo terms “dry fly action” means a fast action rod or a progressive action rod and “wet fly action” means a slow action rod or parabolic action rod. Today, however, fast action means a stiff tip that gets insanely stiffer and there’s no way you can effectively tip cast unless you over line by 2 line weights and medium action means a somewhat less stiff tip that gets stiffer.
If you are looking for an excellent medium-fast action rod that’s perfect for dry fly fishing that won’t break the bank, seriously consider the TFO Finesse Series 8’-9” #4 weight rod ($180 but no case). Also, check out www.codella.com for some used deals – both glass, graphite and boo. There are always some good old glass rods that become available and generally most of them sell for under $100. If you want the ultimate dry fly rod get the Winston Tom Morgan Favorite (4 weight 8 foot) but expect to drop $650 – but it is the ultimate dry fly rod.