A new interpretation of the word “shena” means the honor that God gives His beloved. In the context of the psalm, this should be understood as the success bestowed upon the efforts of God's beloved, in that he enjoys the fruits of his actions.

Thus it follows that this difficult clause to understand is the key to the psalm, for it sets up a positive antithesis to the whole first part of the psalm. This clause clarifies that the lack of success described in stanzas 1-3 stems from the fact that the active characters in these three stanzas are not the beloved of God, and do not deserve that God should bestow success upon their efforts.

Courtesy of the Virtual Beit Midrash, Yeshivat Har Etzion