Keep in mind these are my reflections. If I am wrong, I need to be corrected. I do want to always dwell on the word and promises of God, because in it He extends His grace to me and provides me with hope, among other things.
1Preserve me, O God, for in you I(B) take refuge. 2I say to the LORD, "You are my Lord;
(C) I have no good apart from you."
Take refuge in the Lord. He is the safe place, and only there is full safety and preservation. Nothing else is capable.
There is nothing else good apart from the Lord. This means NOTHING. No thought, no person, no part of nature, no encouraging word is good apart from the YAHWEH. If it is not for Him, for His glory, it is apart from Him, and apart from His glory.
3As for(D) the saints in the land, they are the excellent ones,
in whom is all my delight.[b]
Because our hearts have been changed to love this wonderful Savior, this love for Him overflows into love for the saints, which we love better and more fully then we love unbelievers. We delight to point them to their Savior, and as we do, the Holy Spirit may choose to remind each of us of the beauty of our Savior over again.
4The sorrows of those who run after[c] another god shall multiply;
their drink offerings of blood I will not pour out
or(E) take their names on my lips.
Seeking after another God equals multiplying sorrows; no exceptions. This doesn't necessarily mean in this life, but for eternity in hell, the sorrows of those who run after another god shall multiply. You can only serve God or money. This one true God, or "another god". There is no in between.
5The LORD is(F) my chosen portion and my(G) cup;
you hold my(H) lot.
6(I) The lines have fallen for me in pleasant places;
indeed, I have a beautiful inheritance.
YAHWEH is Sovereign. He determines my portion, my lot. He holds what I most desire. I have been blessed mightily in this life by Him, and because of Christ I have a beautiful inheritance in eternity!
7I bless the LORD who(J) gives me counsel;
in(K) the night also my(L) heart instructs me.[d]
8(M) I have(N) set the LORD always before me;
because he is at my(O) right hand, I shall not be(P) shaken.
The Lord must be the one who gives me my most important counsel, not other people. His word, and His truth change my heart, so I can learn and grow in Him.
I have set the Lord always before me, so I always think on His truth and words, and then I will not be shaken, because I have put my trust in Him.
9Therefore my heart is glad, and my(Q) whole being[e] rejoices;
my flesh also dwells secure.
10For you will not abandon my soul to(R) Sheol,
(S) or let your(T) holy one see(U) corruption.[f]
My heart will be glad because Christ has not abandoned me to death and torment, because He went to the cross on behalf of my sins. Therefore I can rejoice and be glad because of what Christ has done. My whole life, everything I am must rejoice in this, and live out my hope.
11You make known to me(V) the path of life;
in your presence there is(W) fullness of joy;
at your right hand are(X) pleasures forevermore.
He has made known to me the path of life which is Jesus Christ. Because of Jesus Christ's perfect life and perfect sacrifice on behalf of my sins, I possess a New Covenant hope, which is "fullness of joy" in the presence of God. The true pleasures and true beauty are in the presence of God, and these are eternal, and infinitely valuable. He is most valuable and the most important treasure.
I am a sinner, and so undeserving of His grace, but my response needs to be to cry out to Christ for His mercy, and then trust His forgiveness, sufficiency and His promises.
May I always rejoice in You! Your grace is sufficient!

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