In the part of the story directly preceding the passage below, Sigurd, Regin, the narrator of the story, and their host have met with an old, hooded man while they sail along sea-cliffs. Upon meeting, the man speaking identifies himself:
"They called me Hnikar,These last names indicate Odinic names, and would have been recognized by Norse audiences as such.
then when I gladdened Hugin
as a Volsung widely
and had slain.
Now you may call
the old man on the cliff
Feng or Fjolni."
In the continuing conversation, the speaker, Hnikar/Odin, offers sage advice about the fortunes of warriors:
Sigurd spoke to the hooded man:It should be noted that this translation is as much an attempt at literal rendering as it is (like all translations) an interpretation of the riddles found therein.* I have provided some notes (in brackets) for interpretations of idioms, and a direct comparison with the text will notice insertion of implied or even necessary English words for clarity of modern grammatical English constructions.
"Tell me that, Hnikar,
as you know both,
about the omens of gods and of humans:
Which omens are best,
if one shall attack,
at the swinging of swords [i.e. battle]?"
Hnikar spoke:
"Many things are good
if men knew
their omens at the swinging of swords.
A worthy guide
I think to be the dark
raven for the warrior.
This is the second,
if you have come out
and are prepared for the journey:
You will see two
standing on the path
praiseworthy warriors.
This is the third,
if you hear the howling
wolf under the ash-branches.
A good omen falls to one's lot
to you among the warriors,
if you see them go first.
No man shall
fight against
the late shining
sister of Mani [i.e. the Sun].
They will have victory,
who are able to see,
the bold ones of sword-play,
or are able to draw up in a wedge-shaped column [i.e. a strategic battle formation].
That will be a great harm,
if you strike with the foot [idiom: stumble],
then when you fight in battle:
Deceitful goddesses
will stand against you on two hills
and desire to see you wounded.
Combed and washed
shall each one appear
and shall be fed in the morning,
because it is unknown,
what will come in the evening.
It is bad to rush before one's fortune."
What is fascinating about these riddle-like passages, however, are the allusions to the mythical and cultural icons of the Norse world: a warrior culture, ravens, Mani (the moon), Odin's own character, the prominence of omens and fortune, ash trees, and even small riddles of language to identify these concepts. Like the god Odin (and what we may expect from him), the entire passage is layered with ideas that need unlocking to understand the full implications found within.
* The translation I provide here is largely my own, although credit should be given to the group-think character of my Old Norse seminar, in which many grammatical cruxes and questions are worked out; without such a dynamic, this translation would not be nearly as lucid as it seems to be.

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