That is “Be careful” in Spanish.
One thing I am not fond of about Mexico is the drivers. The pedestrian does NOT have the right of way here. Oh, sure, a taxi or combi might stop and signal for the gringo to cross a busy street but that does not prevent someone behind from speeding around him and hitting you.
With all the processions clogging the streets these past two weeks and all the vacacionistas in town, it has been particularly peligroso on the streets. Cars, taxis, and motor bikes are more plentiful than usual and all are in a hurry to get somewhere, so pedestrian, be aware.
You might start crossing the street without a car in sight but before you reach the other side, a car comes zooming up and passes mere inches behind you. That is scary! What is even worse is when the driver misjudges or you slow just a bit to negotiate a pothole or curb and well….
I had a taxi hit my bag once and a few of those “give me a little space” moments but that is nothing compared to a friend who is currently laid up because a car hit his foot or the two friends of friends we lost this week because of a pedestrian/car accident.
Time and unforeseen occurrence may befall us all, however, it is always wise to be careful out there.
The Adventures of Blue Bear 
It was in Alcapulco that my dad overwhelmed by Mexican diving decided to take us to see the divers off the cliffs via taxi. The taxi driver scared us zooming at break-neck speed down tiny streets with pedestrians running to get out of the way! Then we came to an intersection with a police man directing traffic. He put his hand up and signaled for our taxi to stop. But our Taxi driver put his heavy foot, peddle to the metal and we zoomed past the policeman instead of stopping! The policeman’s reaction; he clapped the side of our taxi with his hand and yelled Ole’ true to the form of the best toreadors!
It is funny I don’t remember the divers being anything special but I do remember that taxi ride!
That was one wild ride! Funny how it was more exciting than the divers but then you lived that experience you only watched the divers.