Lyric discussion by sleepyjoshua 

Cover art for Sad Eyes lyrics by Bruce Springsteen

I think this is about two people that feel it is not the best time to express their feelings. One is with someone, possibly even married and she is in denial that she's unhappy.

Bruce knows how she feels since she starts to open up because she feels so comfortable around him, but feels guilty and shies away. Bruce is trying to be stoic about the whole thing. He's not going to bring up their situation but instead only talk about her, and he's not gonna make a move while she's still with the other man. He's pretty confident she'll leave the other guy since he knows she's unhappy. The last part is where it gets complicated. Bruce can wait for her to leave the other guy, he has no problem waiting, but until she does he's not gonna keep up these games. He's flattered by her flirting but at the same time he's kinda giving her the cold shoulder -"if something in the air feels a little unkind"- because he wants her to leave her man and be his for real. She wants to cheat on her husband, that's why she gets dressed up for Bruce, but she doesn't leave her husband because she doesn't think Bruce is for real "like your so sure I'll be standing there." Througout this whole love tango, Bruce doesn't say a word, he is waiting till she's good and ready to have her for good, he doesn't want just a little love fling. I think the last chorus the sad eyes are his and they'll let her know what he wants.

Yeah, I think this is the correct interpretation. Although the song is a bit like a riddle, after reading this I can only agree.