Tie cloves and allspice in cheesecloth bag or a teaball. Stud 3 medium oranges with cloves.
Combine cider, cranberry juice, sugar and bitters in saucepan. Add bag of spices and oranges, simmer covered for 10 minutes. Stir in 1 cup rum and heat through. Remove spice and oranges. Pour into heated punch bowl, float the oranges.