1. Sort cranberries, discarding bruised and decayed fruit. Rinse berries and put in a 5- to 6-quart pan; add cranberry juice cocktail, raisins, and cinnamon sticks. Bring to a boil over high heat; cover and simmer on low heat to blend flavors, about 20 minutes.
2. Add wine and 1/4 to 1/2 cup sugar, to taste. Heat until steaming, 5 to 8 minutes; do not boil.
3. Add almond extract and orange liqueur; keep punch warm over lowest heat and ladle into cups or stemmed glasses.
For a nonalcoholic punch, replace red wine with apple juice and omit liqueur.