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.
Add wine and 1/4 to 1/2 cup sugar, to taste. Heat until steaming, 5 to 8 minutes; do not boil.
Add almond extract and orange liqueur; keep punch warm over lowest heat and ladle into cups or stemmed glasses.