Verse 1
"To the chief Musician, Altaschith, A Psalm or Song of Asaph."
A dedication to the leader of the music. "Altaschith" — "destroy not" — is likely the name of a known melody, and it carries a prayer of its own: do not destroy Your people.
Verse 2
"Unto thee, O God, do we give thanks, unto thee do we give thanks: for that thy name is near thy wondrous works declare."
The psalm opens with a double thanksgiving. His name is near — His presence is felt — and therefore His wondrous works are told.
Verse 3
"When I shall receive the congregation I will judge uprightly."
Here God Himself speaks: there is an appointed time for judgment, and when it comes, the judgment will be perfectly upright.
Verse 4
"The earth and all the inhabitants thereof are dissolved: I bear up the pillars of it. Selah."
Even when the world trembles and seems to melt away — He holds up the pillars of the earth.
Verse 5
"I said unto the fools, Deal not foolishly: and to the wicked, Lift not up the horn:"
The "horn" is the symbol of strength and pride — do not raise your power in arrogance.
Verse 6
"Lift not up your horn on high: speak not with a stiff neck."
Pride directed toward Heaven is the gravest of all — speaking with a stiff, insolent neck as if there were no judgment.
Verse 7
"For promotion cometh neither from the east, nor from the west, nor from the south."
Greatness comes from no direction on earth and from no human hand.
Verse 8
"But God is the judge: he putteth down one, and setteth up another."
The heart of the psalm and of the song. All the rises and falls of men and kingdoms have one deciding hand: the Judge.
Verse 9
"For in the hand of the LORD there is a cup, and the wine is red; it is full of mixture; and he poureth out of the same: but the dregs thereof, all the wicked of the earth shall wring them out, and drink them."
The cup of judgment stands ready; the wicked will drink it to its end — down to the dregs.
Verse 10
"But I will declare for ever; I will sing praises to the God of Jacob."
Facing all this, the psalmist chooses his portion: not a horn and not pride — but declaring and singing forever.
Verse 11
"All the horns of the wicked also will I cut off; but the horns of the righteous shall be exalted."
The closing overturns the picture: the power raised in pride will be cut down, and the power of the righteous will be exalted.
In one line: the world has a Judge — He brings one down and lifts one up; and whoever knows this gives thanks and sings to the God of Jacob forever.