Lyric discussion by Psychedelia 

Cover art for Moon Song lyrics by My Bloody Valentine

Seems to me that he's both obsessed yet loathes the idea of loving this girl. She's like a bad drug. Makes him feel good at times, yet so terrible at others that he hates himself. And he knows she'll be "the only one" because he can't seem to give her up. She's just an obsession he wants to get over already.