TV
No, I don't think you're nuts, but I don't think that you have both feet on the ground either.
— Whipper · Ally McBeal
Behind the line May contain spoilers.
Our reading
An editorial interpretation.
The speaker offers a gentle reassurance that comes with a catch. They don't think you're crazy, but they suggest you're not quite grounded in reality either. It's a polite way to say someone's head is in the clouds, softened by the 'no' up front.
Context reviewed