There are some variations of how these verses can be translated. I prefer the translation presented by Ralph L. Smith in Volume 32 of the Word Biblical Commentary, Micah through Malachi:

Who are these shepherds? The previous passage stated that the people were as sheep without a shepherd. Of course, a leader who takes the sheep in the wrong direction is not much of a shepherd. So it appears that God is angry with the leadership of His people. They are represented by the figure of the shepherds who are nothing more than "he-goats."

He-goats represent everyone who is evil. "I will judge between cattle and cattle, between rams and he-goats (Ezekiel 34:17) Jesus also made a distinction between sheep and goats. "And before him shall be gathered all nations: and he shall separate them one from another, as a shepherd divideth his sheep from the goats:" (Matthew 25:32) In Isaiah 14:9 the same Hebrew word is translated in the KJV as the "chief ones" of the earth. Thus, there is little doubt that God is referring to the wicked rulers of His people who are oppressing them and leading them toward idolatry.

Then He promises to make them like the King's horse, sleek, strong, and confident, riding into battle. This was fulfilled partially during the rise of the Maccabees, but the final fulfillment is when the gospel is taken to every nation and tongue on the backs of the saints who are transformed from sheep into sleek and powerful royal stallions fit for spiritual warfare. Their sword is the gospel of Jesus Christ, the power of God unto salvation.

Out of Judah will come the cornerstone. "Therefore thus saith the Lord GOD, Behold, I lay in Zion for a foundation a stone, a tried stone, a precious corner stone, a sure foundation: he that believeth shall not make haste." (Isaiah 28:16) The cornerstone is that which makes the foundation firm, is vital to the building's support, and determines the form of the building. Jesus, born of the tribe of Judah and of the lineage of David, is the cornerstone of the church.

"From them a tent-peg..." Perhaps this would be better translated as a nail. Albert Barnes' Notes on the Bible says, "An emblem of fixedness in itself, (as Isaiah says, 'I will fasten him a nail to a sure place' Isa 22:23) and of security given to others dependent on Him, as Isaiah says further, 'And they shall hang upon him all the glory of his fathers house, the offspring and the issue, from the vessels of cups to the vessels of flagons' Isa 22:24; all, of much or little account, the least and the greatest. Osorius: 'Christ is the cornerstone; Christ is the nail fixed in the wall, whereby all vessels are supported. The word of Christ is the bow, whence the arrows rend the kings enemies.'"

"From them a battle-bow, from them every overseer shall come out together." The battle bow or warrior of righteousness, the overseers or exactors of righteousness, these are the saints coming with Jesus to judge the earth and to make war on evil. They come out of Judah, out of His church, more than conquerors in the spiritual battles of their day. "And I saw heaven opened, and behold a white horse; and he that sat upon him was called Faithful and True, and in righteousness he doth judge and make war." (Revelation 19:11)

They shall fight because Yahweh is with them. They shall be victorious because Yahweh is with them. They shall put the enemy to shame because Yahweh is with them. And, nothing is impossible for Yahweh.

Judah should have been encouraged and emboldened. We should also be of stout heart and strong faith, because some of the most vicious spiritual battles are yet to come. A good example is the media response to a recent rally in Washington, D.C. to call for the restoration of honor, truth and faith in God. This they portrayed as evil, but are very tolerant toward the he-goats of Islam. The second coming of our Lord cannot be far away.

Thank God for being in His army. Praise Him for being your Shepherd, always there for you, always guiding you, always protecting you. Thank Him for the opportunities that you have had to do spiritual warfare this week. Pray that He will lead you into battle and help you to refrain from making it into a battle of flesh and blood. Pray for your enemies so that you will not hate them. Pray that God will cast the evil out of them in the name of Jesus.

For Further Study:

(v.3) * anger. Zech 11:5-8, 17; Isa 56:9-12; Jer 10:21; Jer 23:1-2; Jer 50:6; Ezek 34:2, 7-10; * and I. Ezek 34:16-17, 20-21; Matt 25:32-33; * punished. Heb. visited upon. Isa 10:12; Isa 24:21; Jer 11:22; Jer 25:12; Zeph 1:8; * visited. Exod 4:31; Ruth 1:6; Zeph 2:7; Luke 1:68; 1Pet 2:12; * as. Prov 21:31; Song 1:9;

(v.4) * of him came forth. Zech 1:20-21; Zech 9:13-16; Zech 12:6-8; Num 24:17; Isa 41:14-16; Isa 49:2; Isa 54:16; Jer 1:18; Mic 5:5-8; Matt 9:38; 2Cor 10:4-5; Eph 4:8-11; Eph 6:10-17; 2Tim 2:4; Rev 17:14; Rev 19:13-15; * the corner. 1Sam 14:38; Isa 19:13; * the nail. Ezra 9:8; Isa 22:23-25; * the battle. Zech 9:8-10; Gen 49:24;

(v.5) * as. Zech 9:13; Zech 12:8; 1Sam 16:18; 2Sam 22:8; Ps 45:3; Luke 24:19; Acts 7:22; Acts 18:24; 2Co 10:4; * tread. Ps 18:42; Isa 10:6; Isa 25:10; Mic 7:10; Matt 4:3; * because. Zech 14:3, 13; Deut 20:1; Josh 10:14, 42; Isa 8:9; Isa 41:12; Joel 3:12-17; Matt 28:20; Rom 8:31-37; 2Tim 4:7, 17; Rev 19:13-15; * and the riders on horses shall be confounded. or, they shallmake the riders on horses ashamed. Zech 12:4; Ps 20:7; Ps 33:16; Ezek 38:15; Hag 2:22; Rev 19:17;

For Further Study is an edited excerpt from the Treasury of Scripture Knowledge.