  We construct a stable model structure on profinite symmetric spectra with a
continuous action of an arbitrary profinite group. This provides a natural
framework for a new construction of homotopy fixed point spectra and of
homotopy fixed point spectral sequences for the action of the extended Morava
stabilizer group on Lubin-Tate spectra. These continuous homotopy fixed points
are canonically equivalent to the homotopy fixed points of Devinatz and Hopkins
but have a drastically simplified construction.
