Place cinnamon and cloves on a double thickness of cheesecloth. Gather corners of cloth to enclose seasonings; tie securely with string. Place apple cider, juices, sugar and bitters in a large saucepan. Add orange slices and spice bag. Bring to a boil. Reduce heat; simmer, uncovered, 10-12 minutes or until punch reaches desired temperature. Discard spice bag. Stir in rum.