David is praising GODs name. He tells GOD there is no other GOD. People run after other gods and make sacrifices to other gods and make libations to them but GOD I will not even put their names on my lips or make any libations to them. David says "You are my Lord, apart from you I have no good thing." I will praise the Lord, who counsels me; even at night my heart instructs me. I keep my eyes always on the Lord. With Him at my right hand, I will not be shaken. You will not abandon me and you will not let me see decay. In Your presence is fullness of joy and treasures evermore. David is essentially saying, keep me GOD and I will put my trust in You. Lord you are all I need and in my time of trouble, I look to you. Trust GOD!!!!
The Lord will never leave you nor forsake you.
GOD Is my everything
1 Keep me safe, my God, for in you I take refuge. 2 I say to the Lord, “You are my Lord; apart from you I have no good thing.” 3 I say of the holy people who are in the land, “They are the noble ones in whom is all my delight.” 4 Those who run after other gods will suffer more and more. I will not pour out libations of blood to such gods or take up their names on my lips. 5 Lord, you alone are my portion and my cup; you make my lot secure. 6 The boundary lines have fallen for me in pleasant places; surely I have a delightful inheritance. 7 I will praise the Lord, who counsels me; even at night my heart instructs me. 8 I keep my eyes always on the Lord. With him at my right hand, I will not be shaken. 9 Therefore my heart is glad and my tongue rejoices; my body also will rest secure, 10 because you will not abandon me to the realm of the dead, nor will you let your faithful one see decay. 11 You make known to me the path of life; you will fill me with joy in your ,with eternal pleasures at your right hand. Psalms 16 NIV