its an insult from the remake of the 90's movie IT. Richie Tozier ( Trashmouth ) says it after beating the shit out ofHenry Bowers and his goons with help of the losers club. After he was saying the phrase he gives the weirdo both birds, then joins the rest of the ' Losers '
This phrase was coined by a bunch of crazies from south western Pa. in the early 80's. It was used to piss off whomever was in earshot... usually shouted at the top of your lungs in public places...