Anyone know of any rods that are similar to action and feel of a Loomis 842??  Preferably in the much cheaper price range..if there is such a rod.

Seems that people really like this particular rod mostly due to the fun of fishing with it.probably due to the medium rating paired up with the loomis sensitivity.  Don't have the budget for the real thing right now..

Well the ansewer is nope. If it aint a loomis it aint a loomis.

I would say that you can come close for a lot less money.  I've used G.Loomis rods and they are sweet, but I don't own any.  I think Powell rods, for the money, are a better buy, but then, maybe if I had used G.Loomis more I might sing a different tune.  Here's a quote from a tackletour.com test on the Powell 683C rod at http://tackletour.com/reviewpowell683cxfast.html:

With that in mind, we can safely say, based on our lab measurements, that the Powell MAX 683C has a tip, similar to the G.Loomis MBR783C GLX, but a backbone, once you really lay into the rod, more akin to the Kistler MgAPSMH66 and G.Loomis MBR844C GLX.

The MBR783C GLX and the MBR844C GLX list for $335 and $355 respectively on the G.Loomis website.  The Powell 683C lists for $169.  While a lab test doesn't exactly simulate what happens out on the water, I can say from my experience that the Powell is light, sensitive, and comes very close to the G.Loomis rods I have experienced.  Very close may not cut it for some, but considering the price differential, it does for me.  I know this doesn't cover the 842 model, but I think if you look hard enough at Airrus, Kistler, and Powell you can find rods that come close for much less money.  BTW, Powell has a lifetime warranty also.  

There are a lot of well made rods out there but IMHO, nothing compares to a G. Loomis.  

I would look at what is available in the price range you want and I'm sure you will find a rod to fit your needs.  If I had to pick, I would look at the St.Croix Avid or the BPS Johnny Morris Sig. Series.

I think the 842 only comes in GLX so looking at some dinero for that one.  One day....

Shimano Crucial drop shot seems a bit lighter but heard that was a fun rod too.  Not sure if it compares.