noun om·pha·lo·skep·sis \ˌäm(p)-fə-lō-ˈskep-səs\
1. contemplation of one's navel as an aid to meditation;
2. navel–gazing: the activity of thinking too much or too deeply about yourself, your experiences, your feelings, etc.; useless or excessive self-contemplation
Etymology:
New Latin, from Greek omphalos + skepsis examination
(many thanks to
browngirl for reminding me of this word :)) 