Uranium stocks are looking very oversold and trading on a high level of irrational fear. It is very hard for me to see how the global economy can grow without nuclear energy being an important part of the mix of energy sources.

Uex, Hathor and Fission are a few of my favourite picks, I'm a shareholder of all of them. All with high-grade uranium discoveries in Saskatchewan, which is the most important uranium mining region in the world.

I'm not a nuclear physicist, nor do I play one on TV, but what I've read from a MIT expert, it looks like all the safety procedures are kicking in as they should and the cores of these reactors are unlikely to breach the containment cells.

After this emergency is over I think it will show just how safe nuclear energy is, one of the worst earthquakes ever, yet the last line of defense the containment cells are doing what they are suppose to.

Not only do I think uranium stocks are trading on a lot of fear right now it also looks like the Nikkei is oversold and a place to look for bargains.

My prayers are with all the people of Japan, and a special thank you to those incredibly brave workers at the reactors.

Allan