A speaker invites an old, tired dog to come inside and rest. The title, "Watch Dog," suggests the animal has spent its life guarding, and the poem gives it permission to stop. The "ghosts" that pass by could be the dangers the dog once kept watch for, or simply memories drifting past, and the speaker lets them go.
The feelings here are tenderness and gratitude. The speaker calls the dog "old friend" twice, and the touches are small and gentle: a head in a lap, soft ears being stroked, a heartbeat felt through the hands. That single word "Beat," set alone after a pause, makes the moment feel hushed, as if the speaker is listening closely to something precious. The final image of flames dancing in the dog's eyes while it dreams of "days long past" gives a calm, warm, slightly wistful mood. There is a hint that time is passing and the dog is growing old, but the poem focuses on comfort rather than sadness.