  We present new deep ($\sigma\sim6~\mu$Jy) radio images of the HH~124~IRS
Radio Cluster at 4.8 and 7.5 GHz. We detect a total of 50 radio sources, most
of them compact. Variability and spectral indices were analyzed in order to
determine the nature of the sources and of their radio emission. A proper
motion study was also performed for several of these radio sources using radio
observation previously reported. Our analysis shows that 11 radio sources can
be related with Galactic objects, most of them probably young stars.
Interestingly, eight of these sources are in an area less than 1 square
arcminute in size. The importance of such compact clusters resides in that all
its members can be observed in a single pointing with most telescopes, and are,
therefore, ideal for multi-wavelength studies of variability. Another 4 of the
detected sources are clearly extragalactic. Finally, we propose from
statistical arguments that from the remaining sources, about 10 are Galactic,
but our study does not allow us to identify which of the sources fall in that
specific category. The relatively large proper motions observed for the sources
in HH~124~IRS suggest that this region is located at about 400 pc from the Sun.
This is significantly smaller than the $\sim$800--900 pc distance usually
assigned to the nearby open cluster NGC~2264 with which HH~124 is thought to be
associated. However, a reanalysis of the Hipparcos parallaxes for members of
NGC~2264, a convergent point approach, and a kinematic analysis all argue in
favor of a distance of order 400 pc for NGC~2264 as well.
