Can flies recognize that I'm holding a flyswatter?

Has this ever happened to you? There's a fly in the house, buzzing around you, so you go to the cabinet to get the swatter. But as soon as you start wielding it, the little bastard disappears. You set it down, and now he's back, taunting you.

Ok so obviously flies don't taunt, but do they have the capacity to recognize, even instinctually, that I'm holding a deadly weapon?