Summary
The setting is a house under watch. The enemy is described with one repeated image — dogs circling the walls at nightfall, grinning and returning — and the psalm answers their refrain with its own: God is my defence, the God of my mercy.
The petition is not that they be annihilated but that they be scattered and made an object lesson: consume them not, lest my people forget; make them wander, that they may know that God rules in Jacob. The two strophes end differently — the first in the LORD laughing at the nations, the second in the singer singing aloud of mercy in the morning, which is the psalm’s last word.
Outline
Enemies lie in wait without cause; God is asked to awake and behold; the dogs’ refrain closes with the LORD laughing at them.
Not consumed but scattered, so that the lesson is kept; the prowling refrain returns, and is answered by a morning song.
Stanza divisions provisional — to be conformed to the Book of Psalms for Worship. References NASB.