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This phrase is mostly said while also flashing the gesture holding 2 fingers out, just as if you are flashing [the peace sign] except far more discreet. It means... 'its a bust' or 'keep it on the d.l (down low)'. Its said mostly between friends, where one friend is being a look out for another friend and giving them a heads up. [Originated] from a generation of people who were raised in Truckee/Lake Tahoe [California] in the mid & later 90's as teenagers.
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